Marcato Buys 5.1% Stake in Buffalo Wild Wings
July 25 2016 - 3:30PM
Dow Jones News
Activist investor Marcato Capital Management LP disclosed Monday
it had acquired a 5.1% stake in restaurant chain Buffalo Wild Wings
Inc.
The move, unveiled in a regulatory filing, makes the San
Francisco-based fund one of the top five stakeholders of Buffalo
Wild Wings. The stake was purchased on July 22, according to the
filing.
Shares of Buffalo Wild Wings, down 12% over the past 12 months,
rose 6% to $149.19 in afternoon trading after the announcement was
disclosed.
The chain stumbled out of the gate this year as it grappled with
an outbreak of gastrointestinal illnesses that affected customers
in January at one of its restaurants in Overland Park, Kan.
The company also announced in February that it would stop
disclosing quarter-to-date same-store sales trends because the
trend was "not predictive of quarterly same-store sales."
Buffalo Wild Wings reported weaker-than-expected results as
same-store sales declined during the first quarter, leading the
chain to cut is earnings per-share guidance for the year.
San Francisco-based Marcato is run by Mick McGuire, a proté gé
of activist William Ackman.
Write to Ezequiel Minaya at ezequiel.minaya@wsj.com
(END) Dow Jones Newswires
July 25, 2016 16:15 ET (20:15 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
Buffalo Wild Wings, Inc. (delisted) (NASDAQ:BWLD)
Historical Stock Chart
From Apr 2024 to May 2024
Buffalo Wild Wings, Inc. (delisted) (NASDAQ:BWLD)
Historical Stock Chart
From May 2023 to May 2024
Real-Time news about Buffalo Wild Wings, Inc. (delisted) (NASDAQ): 0 recent articles
More Buffalo Wild Wings, Inc. (MM) News Articles