TL;DR
Bravo Brio Restaurant Group Inc. has rejected an unsolicited bid for Macaroni Grill, opting to move forward with the agreement in place with Spice Private Equity Ltd. Spice Private Equity has agreed to pay entirely in cash for ownership of the Macaroni Grill franchise.
Romano’s Macaroni Grill received an unsolicited bid for purchase. According to a recent article in Nation's Restaurant News, parent company Bravo Brio Restaurant Group Inc. has rejected the offer and will move forward with the agreement in place with Spice Private Equity Ltd.
“Macaroni Grill’s unsolicited proposal relies on significant third-party financing (both debt and equity), including by Raven Capital Management LLC, which was a prior participant in the company’s comprehensive review of strategic alternatives that led to BBRG’s entry into a definitive merger agreement,” said Bravo Brio.
Spice Private Equity has agreed to pay entirely in cash for ownership of the Macaroni Grill franchise. There will be a meeting amongst shareholders on May 22 for a final vote.
In this story
This story was originally published in 1851 Franchise on May 17, 2018. Burnaze summarizes and links to the original reporting.
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