Arby's parent picks up Buffalo Wild Wings for $2.9bn
North American restaurant group Arby's, announced on Tuesday that its owner, Roark Capital Group, had agreed to acquire sports bar franchise Buffalo Wild Wings as part of $2.9bn deal.
With a price tag of $157 per share, the sale came at a 7.2% premium over Buffalo's closing price on Monday.
However, the $2.9bn offer was a 34% premium on the chicken-wing restaurants stock price on 13 November, the day before rumours of Roark's interest began to circulate, and included all of the company's debt.
Buffalo was set to become a privately held division of Arby's after the deal was closed in the first quarter of 2018 but would continue operating as an independent brand.
Activist hedge fund manager Marcato Capital Management, which won three seats on the company's board in June, stated it would vote in favour of the deal.
As of 1345 GMT, Buffalo Wild Wings had gained 6.56% in pre-market trading to $146.40 per share.