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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.

Are boneless wings actually chicken wings? No.

Go deeper

6 hours ago - Politics & Policy

Rahm Emanuel floated for Transportation secretary

Rahm Emanuel. Photo: Joshua Lott for The Washington Post via Getty Images

President-elect Biden is strongly considering Rahm Emanuel to run the Department of Transportation, weighing the former Chicago mayor’s experience on infrastructure spending against concerns from progressives over his policing record.

Why it matters: The DOT could effectively become the new Commerce Department, as infrastructure spending, smart cities construction and the rollout of drone-delivery programs take on increasing economic weight.

6 hours ago - Politics & Policy

Biden turns to experienced hands for White House economic team

Illustration: Sarah Grillo/Axios

Joe Biden plans to announce Cecilia Rouse and Brian Deese as part of his economic team and Neera Tanden to head the Office of Management and Budget, sources tell Axios.

Why it matters: These are experienced hands. Unveiling a diverse group of advisers also may draw attention away from a selection of Deese to run the National Economic Council. Some progressives have criticized his work at BlackRock, the world's largest asset management firm.

Biden taps former Obama communications director for press secretary

Photo: Mark Makela/Getty Images

Jen Psaki, who previously served as Obama's communications director, will serve as President-elect Joe Biden's press secretary, the transition team announced Sunday.

The big picture: All of the top aides in Biden's communication staff will be women, per the Washington Post, which first reported Psaki's appointment.

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