An investigation on behalf of investors of Del Frisco’s Restaurant Group, Inc. (NASDAQ: DFRG) in connection with the proposed takeover was announced.
San Diego, CA -- (SBWIRE) -- 07/22/2019 -- An investigation was announced concerning whether the acquisition of Del Frisco's Restaurant Group, Inc. is unfair to NASDAQ: DFRG stockholders.
Investors who purchased shares of Del Frisco's Restaurant Group, Inc. (NASDAQ: DFRG) and currently hold any of those NASDAQ: DFRG shares have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain officers and directors of Del Frisco's Restaurant Group, Inc. breached their fiduciary duties owed to NASDAQ: DFRG investors in connection with the proposed acquisition.
Irving, TX based Del Frisco's Restaurant Group, Inc. owns, develops, and operates restaurants in the United States. On June 24, 2019, Del Frisco's Restaurant Group, Inc. and L Catterton announced that they have entered into an agreement under which affiliates of L Catterton will acquire Del Frisco's Restaurant Group, Inc. (NASDAQ: DFRG) in an all cash transaction valued at approximately $650 million. Under the terms of the proposed transaction Del Frisco's stockholders will receive $8.00 per share.
However, given that shares of Del Frisco's Restaurant Group, Inc. (NASDAQ: DFRG) traded in 2018 as high as $18.85 per share, the investigation concerns whether the offer is unfair to NASDAQ: DFRG stockholders. In addition, given that Engaged Capital and certain of its affiliates, collectively holding nearly 10% of the outstanding shares of the Company, have already entered into voting agreements committing them to, among other things and subject to its terms, vote in favor of adopting the acquisition agreement, the investigation concerns whether the Del Frisco's Restaurant Group Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.
Del Frisco's Restaurant Group, Inc. reported that its annual Total Revenue rose from $293.82 million in 2017 to $378.21 million in 2018.
Those who are current investors in Del Frisco's Restaurant Group, Inc. (NASDAQ: DFRG) shares have certain options and should contact the Shareholders Foundation.
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