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Red Robin Shares Jump 17% On Unsolicited Bid From Vintage Capital

Red Robin Gourmet Burgers, Inc. (RRGB) Thursday said it received an unsolicited takeover offer of $40 per share from Vintage Capital Management, LLC. Shares of Red Robin jumped 17% in extended trading hours on the news.

Red Robin said its board are "committed to acting in the best interests of the company and all shareholders." Red Robin Board will carefully review and consider the proposal to determine the best interests of shareholders.

Evercore is serving as financial advisor to Red Robin and Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as its legal counsel.

Last month, Red Robin had turned down a request for a special meeting with stockholders initiated by Vintage, which already owns a stake in the restaurant chain.

RRGB closed Thursday's trading at $30.60, up $0.36 or 1.19%, on the Nasdaq. The stock further gained $5.15 or 16.83% in the after-hours trading.

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