Shares of restaurant chain Del Frisco's (DFRG) soar following announcement that it will be acquired

NASDAQ: DFRG | Del Frisco's Restaurant Group, Inc. News, Ratings, and Charts

DFRG – Del Frisco’s is being acquired by private-equity firm L Catterton for $8 a share.

Get Free Updates

Join thousands of investors who get the latest news, insights and top rated picks from StockNews.com!

Restaurant chain Del Frisco’s (DFRG – Get Report)  announced Monday it was being acquired by private-equity firm L Catterton for $650 million, or $8 per share.

The purchase price represents a premium of 22% over the stock’s closing price on Dec. 19, 2018, the day prior to the company’s announcement that it was seeking strategic alternatives.

The stock was temporarily halted for trading, but the stock was back trading up 17.24% Monday.

“Over the course of our review, the Committee evaluated a full range of strategic, financial and capital structure alternatives to best serve the interests of our stockholders. After a thorough process, including considering Del Frisco’s current operations and future prospects, the Committee and the Board is confident that this transaction offers the most promising opportunity to realize the highest value for our stockholders,” said Joe Reece, committee chairman of Del Frisco’s.

Del Frisco’s operates the Double Eagle Steakhouse, Barcelona Wine Bar, bartaco, and Del Frisco’s Grille brands. As of March 12, it operated 75 restaurants in 16 states and the District of Columbia.

Last month, the company announced plans to lay off up to 15% of its general and administrative workforce. The move was expected to reduce 2019 administrative costs by $3 million.

 


Del Frisco's Restaurant Group, Inc. (DFRG - Get Rating) shares were trading at $7.86 per share on Monday morning, up $1.13 (+16.79%). Year-to-date, Del Frisco's Restaurant Group, Inc. (DFRG - Get Rating) has gained 9.93%, versus a 18.32% rise in the benchmark S&P 500 index during the same period.


This article is brought to you courtesy of TheStreet .

More Resources for the Stocks in this Article

TickerPOWR RatingIndustry RankRank in Industry
DFRGGet RatingGet RatingGet Rating

Get Free Updates

Join thousands of investors who get the latest news, insights and top rated picks from StockNews.com!

Top Stories on StockNews.com

NASDAQ: JAKK | JAKKS Pacific, Inc. News, Ratings, and Charts

Best & Worst Performing Stock Industries for July 15, 2019

Led by ticker JAKK, "Entertainment - Toys & Video Games" was our best performing stock industry of the day, with a 2.53% gain.
NASDAQ: CAPR | Capricor Therapeutics, Inc. News, Ratings, and Charts

Best & Worst Performing Small Cap Stocks for July 15, 2019

CAPR leads the way today as the best performing small cap stock, closing up 93.48%.
NASDAQ: GLPG | Galapagos NV News, Ratings, and Charts

Best & Worst Performing Mid Cap Stocks for July 15, 2019

GLPG leads the way today as the best performing mid cap stock, closing up 17.16%.
: ZM | Zoom Video Communications, Inc. - Class A Common Stock News, Ratings, and Charts

Best & Worst Performing Large Cap Stocks for July 15, 2019

ZM leads the way today as the best performing large cap stock, closing up 6.97%.
NYSE: BABA | Alibaba Group Holding Limited American Depositary Shares each representing one Ordinary share News, Ratings, and Charts

Best & Worst Performing Mega Cap Stocks for July 15, 2019

BABA leads the way today as the best performing mega cap stock, closing up 2.62%.

Read More Stories


More Del Frisco's Restaurant Group, Inc. (DFRG) News View All

Event/Date Symbol News Detail Start Price End Price Change POWR Rating
Loading, please wait...
View All DFRG News
Page generated in 1.4494 seconds.