Roark made an offer of more than $150 per share, the person told CNBC.
Buffalo Wild Wings' shares rose almost 26 percent in premarket trading on Tuesday, a day after a report that the company received a $2.3 billion takeover bid from private-equity firm Roark Capital Group.
October 27 investment analysts at Mizuho held the company rating at "Hold" projecting a price of $120.00. The company had revenue of $496.70 million during the quarter, compared to analyst estimates of $500.97 million.
The American sports bar chain reported in its third quarter earnings that the price per pound of traditional wings rose by 25 percent year over year, and are expecting to rise another 11 percent. Finally, Dimensional Fund Advisors LP lifted its stake in Buffalo Wild Wings by 6.0% in the 3rd quarter. Buffalo Wild Wings had a return on equity of 21.39% and a net margin of 3.17%. Teachers Advisors LLC now owns 48,169 shares of the restaurant operator's stock valued at $7,358,000 after buying an additional 1,695 shares in the last quarter.
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Canaccord Genuity raised the price target of the stock on October 26 boosting the projection from $120.00 to $125.00 and issued a "Hold" rating. The company has a debt-to-equity ratio of 1.60, a current ratio of 0.70 and a quick ratio of 0.61. Its stake was worth $4,437,000 a decrease of 17.9% as of quarter end. On October 26 analysts at BMO Capital Markets released research on BWLD stating a rating of "Hold" and price target of $120.00. In the last earnings report the EPS was $3.84 with 15.51M shares presently outstanding. The company's revenue was up.5% on a year-over-year basis. OppenheimerFunds Inc. grew its holdings in Buffalo Wild Wings by 43.1% during the 1st quarter. The value of the investment in BWLD went from $311,000 to $225,000 a change of 27.7% since the last quarter.
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"Buffalo Wild Wings could be appealing to Roark because of the brand's dominant positioning among sports-bars, potential to improve company-owned restaurant performance with better execution, and stable base of franchise income", O'Cull wrote. The Company's restaurants offer 20 to 40 domestic and imported beers on tap, including craft brews, and a selection of bottled beers, wines and liquor.