Nation's Restaurant News: Bravo Brio rejects Macaroni Grill bid

Romano’s Macaroni Grill received an unsolicited bid for purchase. According to a recent article in Nation's Restaurant News, parent company Bravo Brio Restaurant Group Inc. has rejected the offer and will move forward with the agreement in place with Spice Private Equity Ltd.

“Macaroni Grill’s unsolicited proposal relies on significant third-party financing (both debt and equity), including by Raven Capital Management LLC, which was a prior participant in the company’s comprehensive review of strategic alternatives that led to BBRG’s entry into a definitive merger agreement,” said Bravo Brio.

Spice Private Equity has agreed to pay entirely in cash for ownership of the Macaroni Grill franchise. There will be a meeting amongst shareholders on May 22 for a final vote.

Read the full article here.