Vintage Capital Threatens To Oust Most Of Red Robin's Board
Law360 (June 19, 2019, 7:35 PM EDT) -- Vintage Capital threatened Wednesday to oust five Red Robin directors, contending the burger chain's "unwillingness" to conduct a strategic review or respond to the private equity firm's $518.6 million purchase offer raises questions about the board's motivations.
Vintage Capital Management LLC, which is Red Robin Gourmet Burgers Inc.'s third-largest shareholder with a more than 11.5% stake, blasted the company's board for failing to take action after the private equity firm in a June 13 letter implored Red Robin to "promptly" start the strategic review process and indicated that, pending due diligence, it would itself offer $40 per share for the company....
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