Economy

Deal announced to purchase Ruby Tuesday restaurants

Deal announced to purchase Ruby Tuesday restaurants”

Ruby Tuesday engages in the ownership, development, operation, and franchise of casual dining restaurants under the Ruby Tuesday name in the United States and internationally.

The purchase price represents a premium of approximately 37 percent over Ruby Tuesday's closing share price on March 13, 2017, the day before the company announced its intention to explore strategic alternatives.

The transaction was unanimously approved by Ruby Tuesday's board of directors and NRD and is subject to shareholder approval.

Ruby Tuesday, Inc. says that it is expecting the deal with NRD Capital to close in the first quarter of 2018.

Shareholder rights law firm Johnson Fistel, LLP has launched an investigation into whether the board members of Ruby Tuesday, Inc.

"As a private company, we will be able to take a long-term view on Ruby Tuesday, allowing us to make an investments in people, product, and customer experience, without public company constraints", Aziz Hashim, founder of NRD Capital, said in a statement.

(+) LBIX, (+31.4%) Reports non-GAAP fiscal Q2 net loss of C$0.25 per share, paring a C$0.33 per share adjusted net loss during the same quarter a year ago. Revenues fell by 15.3 percent to $217.3 million over the past year, due primarily to 95 restaurants closing in August 2016. The merger agreement unreasonably limits competing bids for Ruby Tuesday by (i) prohibiting solicitation of any further bids, and (ii) imposing a termination penalty should Ruby Tuesday receive and accept a superior bid.

In the Chattanooga region, Ruby Tuesday operates restaurants in Hixson and Athens, Tenn., in Scottsboro and Fort Payne, Ala., Ala., and in Calhoun, Ga.



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