Why Buffalo Wild Wings Stock Skyrocketed Today
Shares of Buffalo Wild Wings (NASDAQ: BWLD) were up 25.2% as of 12:30 p.m. EST Tuesday after the sports-centric restaurant chain received a spicy takeover bid. According to a report (may require subscription) from The Wall Street Journal this morning, private equity firm Roark Capital recently offered to acquire Buffalo Wild Wings for more than $150 per share in a deal worth over $2.3 billion.
IMAGE SOURCE: BUFFALO WILD WINGS.
That represents a premium of at least 27% from Buffalo Wild Wings' closing price on Monday. But it's also still well bellow BLWD's 52-week high set last December at just over $175 per share. The stock has plunged over the past year as a consequence of several quarters of soaring wing costs and declining comparable-restaurant sales.
Source: Fool.com
