Buffalo Wings stocks skyrocket on buy report
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Buffalo Wild Wings shares were looking mighty tasty on Monday.
Shares of the Minnesota-based wings-and-beer chain soared more than 28 percent in after-hours trading, past $150, following a report that private equity firm Roark Capital recently made a $2.3 billion bid on the company.
The bid, which values Buffalo Wild Wings at $150 a share, came a few weeks ago, The Wall Street Journal reported, citing sources. The private equity firm also has investments in Jimmy John’s, Arby’s and Carl’s Jr.
Roark Capital and Buffalo Wild Wings representatives did not immediately respond to requests to comment.
As stunning as the Roark bid was reported to be — nearly 22 percent above its Monday closing price of $117.25 — Buffalo Wild Wings’ stock, down 24 percent his year, was trading as high as $163.75 as recently as April.
The business has been hurt by weak same-store sales and high wing costs.
Marcato has pushed the company to franchise more of its 1,200 locations and has said that the company’s share price could go as high as $400.
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November 14, 2017
Sources:` New York Post
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