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By Dan Primack

Greetings from San Francisco, where this afternoon I'll interview Goldman Sachs' Internet banking chief, Kim Posnett, at the Virtuous Circle Summit. Then it's a red-eye back to Boston, so please preemptively forgive any typos and/or general incoherence in tomorrow's edition. Here we go...

Top of the Morning

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The BFD

Roark Capital Group has made an unsolicited offer to buy Minneapolis-based restaurant chain Buffalo Wild Wings (Nasdaq: BWLD) for around $2.3 billion, or over $150 per share. This comes after the company lost a proxy battle with activist investor Mercato Capital Management over the summer, which resulted longtime CEO Sally Smith announcing her retirement.

  • Why it's the BFD: 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.
  • 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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Venture Capital Deals

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Private Equity Deals

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Public Offerings

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More M&A

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Fundraising

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It's Personnel

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Final Numbers

  • More: Year-to-date global real estate M&A has hit an all-time record, boosted by Brookfield Asset Management's bid for the 65% stake it doesn't already hold in Chicago-based shopping mall operator GGP.
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  • Tue, Feb 19
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