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Vintage Capital Says Red Robin Board's Should Conduct Review Of Strategic Alternatives

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Vintage Capital Says Red Robin Board's Should Conduct Review Of Strategic Alternatives

Activist investor Vintage Capital is making some demands of Red Robin Gourmet Burgers, Inc. (NASDAQ: RRGB), saying, “the board should immediately commence a comprehensive review of strategic alternatives.”

Red Robin’s stock is down 51% over the past year amid mounting sales and profitability challenges.

An amended 13D filing from Vintage Capital shows a 11.6% stake in the restaurant chain. The activist investor said “subject to confirmatory due diligence, we would be prepared to bid $40.00 per share in the auction process to acquire 100% of the company in an all-cash transaction.”

Red Robin shares traded higher by 26.6% to $32.25 in Thursday's pre-market session.

Related Links:

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Photo by Cbraccialini/Wikimedia

 

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