Rubio’s Fish Tacos Sold For $91 Million

by The Editors on May 11, 2010

Rubios LogoCarlsbadistan’s world famous Rubio’s Fish Taco restaurants has agreed to be purchased by a Greenwich, Connecticut based private equity firm called Mill Road Capital, according to a Bradley Fikes story in the North County Times.

If the deal goes through, Rubio’s stockholders will get $8.70 per share. That’s about 45 percent more than the closing price on Oct. 14, just before Rubio’s disclosed an unsolicited offer, the company said. . . Rubio’s board declined that particular offer from a group headed by Los Angeles-based investor Alex Meruelo. But Rubio’s said it was open to receiving other offers. . . Shares closed Monday after the sale announcement at $8.50 each, up 84 cents from Friday’s close of $7.66.

Rubio’s founder Ralph Rubio says he and the management team will be staying on with the company. “They like what we’re doing, they appreciate the management team, and the results we’ve had, so the management team stays on in our current roles,” Rubio said.

Then again that’s what the new owners always say, isn’t it?

[Link: North County Times]

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