Ruby Tuesday Board of Directors Rejects Highly-Conditional and Not Fully-Financed Acquisition Proposal
RUBY TUESDAY (RT)
US:NYSE Investor Relations:
rubytuesday.com/investors/ir-home
Company Research
Source: GlobeNewswire
MARYVILLE, Tenn., Dec. 18, 2017 (GLOBE NEWSWIRE) -- Ruby Tuesday, Inc. (NYSE:RT) today announced that on December 12, 2017, it received another highly-conditional and not fully-financed proposal from The Boaz Group, LLC (“Boaz”) to purchase all of the outstanding shares of common stock of Ruby Tuesday for $2.88 per share. Boaz was a participant in Ruby Tuesday’s strategic review process and had failed on multiple occasions to produce an actionable proposal despite having been provided with ample time and opportunity to do so. The Board of Directors thoroughly evaluated Boaz’s most recent proposal, including seeking clarifications from Boaz on the proposal, and unanimously determined that the proposal did not constitute and would not reasonably be expected to lead to a superior proposal as compared to the acquisition by NRD Capital and therefore rejected the proposal. The Board of Directors of Ruby Tuesday continues to unanimously recommend that Ruby Tuesday stockholders vote “F
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