Back Yard Burgers (MM) (NASDAQ:BYBI)
Historical Stock Chart
From Jun 2019 to Jun 2024
Back Yard Burgers, Inc. (NASDAQ:BYBI) announced that its stockholders,
at a special meeting held today, voted to adopt the previously announced
merger agreement providing for the acquisition of Back Yard Burgers by
BBAC, LLC in a transaction valued at approximately $38 million,
including debt to be repaid by BBAC. Under the terms of the merger
agreement, the holders of Back Yard Burgers common stock and preferred
stock will receive $6.50 per share in cash for their shares. Subject to
the completion by BBAC of its financing package and satisfaction of
certain other conditions, the transaction is expected to close in August
2007.
About Back Yard Burgers
Back Yard Burgers operates and franchises quick-service restaurants in
20 states, primarily in markets throughout the Southeast region of the
United States. The restaurants specialize in charbroiled, freshly
prepared, great-tasting food. As its name implies, Back Yard Burgers
strives to offer the same high-quality ingredients and special care
typified by outdoor grilling in the backyard. Its menu features
made-to-order gourmet Black Angus hamburgers and chicken sandwiches -
charbroiled over an open flame, fresh salads, chili and other specialty
items, including hand-dipped milkshakes, fresh-made lemonade and
fresh-baked cobblers.
Forward-looking Statements
Certain statements contained in this press release are “forward-looking
statements” within the meaning of Section 27A
of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Back Yard Burgers intends
these forward-looking statements to be covered by the safe harbor
provisions established by the Private Securities Litigation Reform Act
of 1995. These forward-looking statements include statements regarding
expectations as to the completion of the merger and the other
transactions contemplated by the merger agreement. Back Yard Burgers
cannot guarantee that the merger will be completed because the
transaction involves various risks and uncertainties that cannot be
predicted or quantified. Such risks and uncertainties include, but are
not limited to, the following factors, as well as other factors
described from time to time in our reports filed with the Securities and
Exchange Commission (including the sections entitled “Risk
Factors” and “Management’s
Discussion and Analysis of Financial Condition and Results of Operations”
contained therein): the occurrence of any event, change or other
circumstances that could give rise to the termination of the merger
agreement with BBAC, LLC and BBAC Merger Sub, Inc.; the outcome of any
legal proceedings that may be instituted against the Company related to
the merger agreement; the inability to complete the merger due to the
failure to satisfy the conditions to completion of the merger, including
the failure to obtain the necessary financing arrangements set forth in
the debt and equity commitment letters delivered pursuant to the merger
agreement; risks that the proposed transaction disrupts current plans
and operations; the potential difficulties in employee retention as a
result of the merger; and the impact of the indebtedness to be incurred
to finance the consummation of the merger.
Any forward-looking statements are made pursuant to the Private
Securities Litigation Reform Act of 1995 and, as such, speak only as of
the date made. Back Yard Burgers, Inc. disclaims any obligation to
update the forward-looking statements. You are cautioned not to place
undue reliance on these forward-looking statements which speak only as
of the date stated, or if no date is stated, as of the date of this
press release.