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.

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The new buyout barons

Illustration: Eniola Odetunde/Axios

Last month I wrote that SPACs are the new IPOs. But I may have understated it, because SPACs are also becoming the new private equity.

By the numbers: Short for "special purpose acquisition company," SPACs have raised $24 billion so far in 2020, with a loaded pipeline of upcoming offerings. U.S. buyout firms raised nearly $102 billion through the end of June — a much larger amount, but not so much larger that the two can't play on the same field.

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Macron visits Beirut promising a "new political pact" for Lebanon

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French President Emmanuel Macron walked through the blast-damaged streets of Beirut on Thursday, swarmed by people chanting for the fall of Lebanon's government and pleading for international aid.

Why it matters: Lebanon is at a breaking point. Its economy was collapsing and its government hardly functioning — all before a massive explosion destroyed swathes of the capital city, including its vital port.

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The PGA Championship is golf's first major in over a year

Photo: Gary Kellner/PGA of America via Getty Images

The 2020 PGA Championship tees off Thursday at San Francisco's TPC Harding Park, which is hosting its first-ever major.

Why it matters: It's the first major in more than a year — and the first of seven majors in the next 12 months. Though there won't be any fans in attendance, the excitement is palpable.