(Reuters) – Restaurant chain Buffalo Wild Wings Inc (BWLD.O) has received a takeover bid valued at more than $2.3 billion from private equity firm Roark Capital Group, the Wall Street Journal reported on Monday, citing people familiar with the matter.
Roark made an offer of more than $150 per share in recent weeks, the WSJ reported. (on.wsj.com/2jmdx8l)
The restaurant chain’s shares rose 27.93 percent to $150 after the bell following the report.
Roark Capital declined to comment, while Buffalo Wild Wings was not immediately available for comment.
In June, activist hedge fund Marcato Capital Management won a bitter proxy contest that put three of its directors on the chicken-wing restaurant’s board following which the company’s chief executive Sally Smith said she would retire by the end of the year.
Minneapolis-based Buffalo Wild Wings had a market value of $2.6 billion at the time.
Reporting by Akankshita Mukhopadhyay in Bengaluru; Editing by Shounak Dasgupta and Savio D’Souza