Ruby Tuesday: Strategic alternatives review process entering final phase
On March 13, 2017, the company announced that its Board of Directors had authorized an exploration of strategic alternatives in order to maximize shareholder value. The Board of Directors is considering all strategic alternatives including, but not limited to, a potential sale or merger of the company, and has retained UBS as its financial advisor to assist in the process. As of August 21, 2017, the strategic alternatives review process is ongoing and entering its final phase. The Board is focused on the completion of this process and remains dedicated to delivering value to its customers, franchisees, employees, and shareholders to better position the brand to achieve top line growth and higher operating profitability. In light of the ongoing strategic review process, the Board of Directors has postponed the 2017 Annual Meeting of Shareholders to January 22, 2018 from its original date of December 6, 2017. If a shareholder intends to nominate a person for election to the Board or to propose other business for consideration at the Annual Meeting, notice must be delivered to the Company by October 23, 2017. The Company does not anticipate any further postponement of the Annual Meeting.