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VOL. 132 | NO. 236 | Wednesday, November 29, 2017

Meat-Loving Arby's to Buy Buffalo Wild Wings for $2.4B

The Associated Press

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NEW YORK (AP) – Arby's said Tuesday that it is buying Buffalo Wild Wings for about $2.4 billion, making it the latest casual restaurant chain to be taken private.

Buffalo Wild Wings, which serves chicken wings in a sports bar-like atmosphere, has reported falling sales as it and other casual restaurants lose customers to cheaper and faster chains. In the most recent quarter, it reported a 2.3 percent sales drop at its established restaurants.

Last month, struggling sit-down chain Ruby Tuesday Inc. agreed to be sold for $146 million and taken private.

Atlanta-based Arby's, known of its meaty sandwiches, said Buffalo Wild Wings will operate as an independent brand. Arby's is majority owned by private equity firm Roark Capital Group, which also has investments in other chains, including Hardee's.

Arby's Restaurant Group Inc. said it would pay $157 for each share of Buffalo Wild Wings, a 7 percent premium to its Monday closing price of $146.40. The companies value the transaction at $2.9 billion, when debt is included.

The deal is expected to close during the first few months of 2018. It still needs the approval of Buffalo Wild Wings shareholders.

Shares of Buffalo Wild Wings Inc., which is based in Minneapolis, rose $9.20, or 6.3 percent, to $155.65 in afternoon trading Tuesday.

Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 84 242 16,303
MORTGAGES 105 284 18,840
FORECLOSURE NOTICES 0 36 2,497
BUILDING PERMITS 0 349 33,738
BANKRUPTCIES 54 169 10,483
BUSINESS LICENSES 33 80 5,383
UTILITY CONNECTIONS 0 53 6,326
MARRIAGE LICENSES 22 74 3,585