NRD Capital buys Ruby Tuesday

Lloyd Doyle
October 16, 2017

(NYSE: DPZ), Popeyes Louisiana Kitchen Inc (NASDAQ: PLKI) and other reputable restaurants. In March 2017, the company announced its intention to explore strategic alternatives to revitalize its business. Under the terms of the agreement, shareholders of Ruby Tuesday will receive $2.40 in cash for each share of Ruby Tuesday common stock.

The announcement comes on the heels of the company's first quarter earnings report where it announced that total revenue declined 15.3% to $217.3 million, which included a net reduction of seven company-owned restaurants compared to the end of the first quarter of the prior fiscal year.

"NRD Capital has a distinguished track record of achieving and maintaining profitable growth for restaurant concepts and will be an excellent partner to lead Ruby Tuesday going forward", Stephen Sadove, non-executive chairman of Ruby Tuesday, said in a press release.

Rigrodsky & Long, P.A. announces that it is investigating potential legal claims against the board of directors of Ruby Tuesday, Inc.

Hashim said as a private company, "we will be able to take a long-term view on Ruby Tuesday, allowing us to make an investments in people, product, and customer experience, without public company constraints". The offer represents a 21% premium over the stock's closing price on October 13, 2017.

Ruby Tuesday, which has locations in Austintown, Canfield and New Castle, announced in August of past year that it planned to shut down 95 restaurants.

Ruby Tuesday began exploring a sale or merger in March, after slumping sales.

Ademi & O'Reilly, LLP is investigating the Board of Directors of Ruby Tuesday, Inc.

Other reports by Iphone Fresh

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