Red Robin Defends $519M Bid Refusal As PE Firm Eyes Fight

Law360 (September 11, 2019, 1:28 PM EDT) -- Red Robin on Wednesday reiterated its confidence in hiring a new CEO and spurning Vintage Capital's $518.6 million bid, the day after the private equity firm said it was weighing a proxy fight given the burger chain's purported misrepresentation of their past interactions and the offer.

Colorado-based Red Robin Gourmet Burgers Inc. said in a statement the burger chain’s board and management remains focused on carrying out its strategic plan, which seeks to “restore growth and improve profitability.”

While the company said that it “appreciates input” from its shareholders, Red Robin defended its decision to hire Paul J.B. Murphy III as...

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