Rubio's Restaurants, Inc. Rejects Unsolicited Letter of Interest as Not Being in Stockholders' Best Interests
Rubio's Restaurants, Inc. (NASDAQ:RUBO) today announced that its Board of Directors rejected the unsolicited acquisition proposal, dated October 15, 2008, from Kelly Capital.
After reviewing the acquisition proposal, including the price offered and Kelly Capital's financing contingency, the Company's Board concluded that the proposal is not in the best interests of the Company or its stockholders. The Board determined that the best way to enhance stockholder value is to continue to pursue the Company's strategic plan.
Dan Pittard, the Company's President and Chief Executive Officer, commented that "in the Board's judgment, Kelly Capital's proposal significantly undervalues our core business and operating plan." Mr. Pittard concluded, "We remain committed to growing and improving the Company's business and building value for all of our stockholders."
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