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Back Yard Burgers merger approved
August 5, 2007
MEMPHIS, Tenn. —Back Yard Burgers Inc. has announced that its stockholders have voted to approve a previously announced merger agreement, providing for the acquisition of Back Yard Burgers by BBAC LLC.
The transaction is valued at approximately $38 million, including debt to be repaid by BBAC.
Under terms of the agreement, the holders of Back Yard Burgers common stock and preferred stock will receive $6.50 per share in cash for their shares. The transaction is expected to close in August 2007.
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