TL;DR
Del Frisco Restaurant Group Inc. reached an agreement with activist investor Engaged Capital LLC, including the appointment of a new board member. The agreement comes as Del Frisco's board reviews strategic alternatives to a potential whole or partial company sale.
Don Frisco Restaurant Group Inc. reached dètente with their investor Engaged Capital LLC on Monday, according to an article in Nation’s Restaurant News.
According to the article, “The Irving, Texas-based parent to the Del Frisco’s Double Eagle Steakhouse, Del Frisco’s Grill, Barcelona Wine Bar and Bartaco concepts said it was also terminating a shareholder rights plan it adopted in December after noticing unusual activity in its share trading.”
Engaged Capital LLC owns almost 10 percent of the company’s shares. The agreement with Del Frisco’s “includes the appointment of activist-endorsed board member Joe Reece, founder and CEO of Helena Capital,” the article said.
The change comes as Del Frisco’s board reviews “strategic alternatives” to a potential whole or partial company sale, announced in December, the article said.
In this story
This story was originally published in 1851 Franchise on February 5, 2019. Burnaze summarizes and links to the original reporting.
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