Market Overview

Del Frisco's To Be Acquired by L Catterton For $650M

Share:
Del Frisco's To Be Acquired by L Catterton For $650M

L Catterton has announced it will acquire Del Frisco’s Restaurant (NASDAQ: DFRG) and in an all cash transaction valued at $650 million. Del Frisco’s stockholders will receive $8 per share, which is a 22% premium to the closing share price on Dec. 19, 2018. The stock spiked on May 20 amid rumor of potential bids.

The transaction is expected to be completed by the fourth quarter of 2019, subject to approval by Del Frisco’s stockholders.

Del Frisco’s comprises four brands across two business lines: Del Frisco’s Grille and Del Frisco’s Double Eagle Steakhouse in the steak and grill category, and bartaco and Barcelona Wine Bar in the upscale regionally-inspired cuisine category.

Once the transaction closes, L Catterton plans to run the bartaco and Barcelona Wine Bar businesses separately from the steakhouse brands.

“Over the last 30 years, L Catterton has invested in nearly 30 restaurant concepts globally to create a number of industry leaders,” said Andrew Taub, Managing Partner at L Catterton. “Del Frisco’s has four outstanding brands in two distinct and attractive categories – upscale regionally-inspired cuisine, and steak and grill. We’re excited to partner with the Company to harness the power of these brands by operating the upscale regionally-inspired brands separately from the steak and grill concepts."

Del Frisco’s shares were trading higher by 17.5% at $7.90 in Monday's pre-market session.

Related Links:

5 Stocks To Watch For June 24, 2019

Eldorado To Buy Caesars For $8.58B; VICI Gets 3 Properties From Eldorado

Posted-In: L CattertonM&A News Restaurants General Best of Benzinga

 

Related Articles (DFRG)

View Comments and Join the Discussion!
Fastest Market News Application
You'll Hear It First On Pro
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Trading Daily
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com

Nanometrics, Rudolph Technologies To Merge

34 Stocks Moving In Monday's Pre-Market Session