Stifel analyst Chris O'Cull noted that KKR's (KKR) Special Situation Funds disclosed a 6.3% stake, or 10.7% economic interest when factoring in derivative exposure, in Dave & Buster's (PLAY), while pointing out to investors that this is a separate line of business than KKR's private equity group. He believes the KKR fund may seek to gain board representation if the firm is unable to make progress working directly with management to improve performance, but he would not be a buyer based on the thesis the company will be taken private at a significant premium as he continues to believe a theoretical LBO transaction would value D&B at $50 per share. O'Cull has a Hold rating on Dave & Buster's, whose shares are off their earlier highs but remain up $4.12, or 10%, at $46.16.