 |
Back Yard Burgers Completes Merger |
|
Back Yard Burgers, Inc. (NASDAQ:BYBI) announced today the completion of the previously announced merger of Back Yard Burgers with BBAC Merger Sub, Inc., a wholly-owned subsidiary of BBAC, LLC. |
As a result of the transaction, which Back Yard Burgers stockholders previously approved on August 3, 2007, each issued and outstanding share of Back Yard Burgers common stock and preferred stock was canceled and (other than shares held by BBAC or in the treasury of the Company) converted automatically into the right to receive $6.50 in cash, without interest. The total value of the transaction, including assumed debt, was approximately $38 million.
As a result of the merger, Back Yard Burgers common stock will cease to trade on the NASDAQ Capital Market at the close of the market today and will be delisted. Back Yard Burgers stockholders who possess stock certificates will receive instructions by mail from Computershare, the paying agent, about how and where to forward their certificates for payment. Stockholders of record should wait to receive this information before surrendering their shares. Stockholders who hold shares of Back Yard Burgers common stock through a bank or broker will not have to take any action to have their shares converted into cash, since these conversions will be handled by their bank or broker.
|
|
|
 |
|
 |
|
Post Release
Get Content
Email News Brief
Saved Articles
Advertising
Handheld
XML/RSS
Post News