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RRGB

Red Robin

$30.58

0.32 (1.06%)

17:53
07/18/19
07/18
17:53
07/18/19
17:53

Red Robin confirms $40.00 per share cash buyout proposal from Vintage Capital

Red Robin confirmed it has received an unsolicited conditional proposal from Vintage Capital Management to acquire all of the outstanding common shares of Red Robin for $40.00 per share in cash. Red Robin's Board of Directors and management team are committed to acting in the best interests of the company and all shareholders. Consistent with its fiduciary duties and in consultation with its independent legal and financial advisors, the Red Robin Board will carefully review and consider the proposal to determine the course of action it believes is in the best interests of the company's shareholders.

RRGB Red Robin
$30.58

0.32 (1.06%)

04/05/19
MAXM
04/05/19
NO CHANGE
Target $25
MAXM
Hold
Red Robin price target lowered to $25 from $29 at Maxim
Maxim analyst Stephen Anderson lowered his price target on Red Robin to $25 and kept his Hold rating after its CEO transition announcement and a bigger than expected Q1 comps decline outlook. The analyst believes that the CEO exit reduces the visibility for the company's turnaround, also lowering his Q1 EPS forecast to 42c from 56c and FY19 view to $1.23 from $1.42 on the disappointing comps guidance.
05/16/19
MAXM
05/16/19
NO CHANGE
Target $32
MAXM
Hold
Red Robin price target raised to $32 from $25 at Maxim
Maxim analyst Stephen Anderson raised his price target on Red Robin to $32 ahead of its Q1 results on May 30th. The analyst says his new price target accounts for the possibility of an activist-driven takeover after last week's announcement by Vintage Capital Management taking an 8.5% stake in the company. Anderson also keeps his Hold rating on Red Robin shares.
06/13/19
SPHN
06/13/19
NO CHANGE
Target $36
SPHN
Overweight
Red Robin 'interesting' for prospective private equity buyers, says Stephens
Stephens analyst Will Slabaugh notes that Vintage Capital filed a 13-D stating its belief that the Board of Red Robin should "immediately commence a comprehensive review of strategic alternatives, including an auction of the Issuer", with Vintage prepared to call a special meeting of shareholders to potentially remove members of the Board if they do not promptly commit to reviewing possible strategic-alternatives. While Red Robin has shown "poor business momentum" recently, the analyst points out that the company's substantial cash-flow profile, refranchising potential, and attractive valuation make the company "interesting" for prospective Private Equity buyers. Vintage Capital now holds an 11.6% stake and stated they "are prepared to bid $40 per-share in the auction process to acquire 100% of the company in an all-cash transaction," Slabaugh adds. The analyst has an Overweight rating and $36 price target on the shares.
06/14/19
MAXM
06/14/19
UPGRADE
Target $49
MAXM
Buy
Red Robin upgraded to Buy from Hold at Maxim
Maxim analyst Stephen Anderson upgraded Red Robin to Buy from Hold and raised his price target on the shares to $49, citing his view that a takeover is increasingly likely following the letter sent to the board by investor Vintage Capital.

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MAXR

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RCI

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IQ

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