Rubio's Restaurants passes on offer, begins strategic review process

By Lisa Kerner

Charlotte, N.C., Oct. 29 - Rubio's Restaurants, Inc. said its board of directors unanimously rejected the unsolicited offer to acquire the company for $8 per share from a group that includes Alex Meruelo and Levine Leichtman Capital Partners IV, LP.

The board has begun a process to evaluate Rubio's strategic alternatives to enhance stockholder value with the assistance of Cowen and Co., LLC, a company news release said.

As reported in March 2009, Rubio's investor Meruelo said he does not believe the company should be public and expressed interest in buying the Carlsbad, Calif., Mexican restaurant franchisor.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.