Back Yard Burgers Stockholders Approve Merger
03 August 2007 - 10:15PM
Business Wire
Back Yard Burgers, Inc. (NASDAQ:BYBI) announced that its
stockholders, at a special meeting held today, voted to adopt the
previously announced merger agreement providing for the acquisition
of Back Yard Burgers by BBAC,�LLC in a transaction valued at
approximately $38 million, including debt to be repaid by BBAC.
Under the terms of the merger agreement, the holders of Back Yard
Burgers common stock and preferred stock will receive $6.50 per
share in cash for their shares. Subject to the completion by BBAC
of its financing package and satisfaction of certain other
conditions, the transaction is expected to close in August 2007.
About Back Yard Burgers Back Yard Burgers operates and franchises
quick-service restaurants in 20 states, primarily in markets
throughout the Southeast region of the United States. The
restaurants specialize in charbroiled, freshly prepared,
great-tasting food. As its name implies, Back Yard Burgers strives
to offer the same high-quality ingredients and special care
typified by outdoor grilling in the backyard. Its menu features
made-to-order gourmet Black Angus hamburgers and chicken sandwiches
- charbroiled over an open flame, fresh salads, chili and other
specialty items, including hand-dipped milkshakes, fresh-made
lemonade and fresh-baked cobblers. Forward-looking Statements
Certain statements contained in this press release are
�forward-looking statements� within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Back Yard Burgers
intends these forward-looking statements to be covered by the safe
harbor provisions established by the Private Securities Litigation
Reform Act of 1995. These forward-looking statements include
statements regarding expectations as to the completion of the
merger and the other transactions contemplated by the merger
agreement. Back Yard Burgers cannot guarantee that the merger will
be completed because the transaction involves various risks and
uncertainties that cannot be predicted or quantified. Such risks
and uncertainties include, but are not limited to, the following
factors, as well as other factors described from time to time in
our reports filed with the Securities and Exchange Commission
(including the sections entitled �Risk Factors� and �Management�s
Discussion and Analysis of Financial Condition and Results of
Operations� contained therein): the occurrence of any event, change
or other circumstances that could give rise to the termination of
the merger agreement with BBAC, LLC and BBAC Merger Sub, Inc.; the
outcome of any legal proceedings that may be instituted against the
Company related to the merger agreement; the inability to complete
the merger due to the failure to satisfy the conditions to
completion of the merger, including the failure to obtain the
necessary financing arrangements set forth in the debt and equity
commitment letters delivered pursuant to the merger agreement;
risks that the proposed transaction disrupts current plans and
operations; the potential difficulties in employee retention as a
result of the merger; and the impact of the indebtedness to be
incurred to finance the consummation of the merger. Any
forward-looking statements are made pursuant to the Private
Securities Litigation Reform Act of 1995 and, as such, speak only
as of the date made. Back Yard Burgers, Inc. disclaims any
obligation to update the forward-looking statements. You are
cautioned not to place undue reliance on these forward-looking
statements which speak only as of the date stated, or if no date is
stated, as of the date of this press release.
Back Yard Burgers (MM) (NASDAQ:BYBI)
Historical Stock Chart
Von Mai 2024 bis Jun 2024
Back Yard Burgers (MM) (NASDAQ:BYBI)
Historical Stock Chart
Von Jun 2023 bis Jun 2024
Echtzeit-Nachrichten über Back Yard Burgers (MM) (NASDAQ): 0 Nachrichtenartikel
Weitere Back Yard Burgers, Inc. News-Artikel