Private equity firm Roark Capital Group has made an unsolicited offer to buy restaurant chain Buffalo Wild Wings for around $2.3 billion, or over $150 per share.
Why it's a big deal: Because Roark is widely credited with reviving Arby's, a restaurant brand that had been left for dead. Now it's trying to preempt Buffalo Wild Wings from heading down a similar path of irrelevance.
History: Roark's approach comes after Buffalo Wild Wings lost a summer proxy battle with activist investor Mercato Capital Management, which resulted longtime CEO Sally Smith announcing her retirement.
Price context: Buffalo Wild Wings shares closed trading yesterday at $117.25, but jumped over 27% in aftermarket trading. Its all-time high was $201.14 in Sept. 2015, and one year ago was trading at over $160 per share. One big problem over the past year was an increase in chicken wing prices, which the company has tried to mitigate by emphasizing boneless wings.
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