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Back Yard Burgers to be acquired
June 10, 2007
MEMPHIS, Tenn.—Back Yard Burgers Inc. has entered into a definitive merger agreement with BBAC, LLC and its wholly-owned subsidiary, BBAC Merger Sub, Inc., the company announced. Upon completion of the transaction, Back Yard Burgers will become a privately held company, and its common stock will no longer be publicly traded.
Under the terms of the agreement, the holders of Back Yard Burgers common stock and preferred stock will be entitled to receive $6.50 per share in cash, which represents a 29 percent premium above the June 8, 2007, closing price of $5.05 per share.
The total value of the transaction, including debt to be repaid by BBAC, is approximately $38 million.
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