DENVER BUSINESS JOURNAL - After rejecting an offer from Denver-based Romano's Macaroni Grill, Ohio company Bravo Brio Restaurant Group Inc. is going private.
Shareholders of the Grandview Heights-based restaurant company this week "overwhelmingly approved" the proposed $100 million acquisition of the business by Switzerland-based Spice Private Equity Ltd. The deal is expected to close May 24, at which point shares of Bravo Brio will cease trading.
Spice, an affiliate of GP Investments Ltd., first offered the deal at $4.05 a share back in March. A competing offer of $4.78 per share was pitched by Romano’s Macaroni Grill but rejected last week.
Despite the higher dollar figure, the Bravo Brio board decided that Spice’s cash offer was better than Macaroni Grill’s proposal, which would have used third-party debt and equity financing.
