(Reuters) – Rubio’s Restaurants Inc (RUBO.O) said its board has rejected an unsolicited takeover offer from a group consisting of Alex Meruelo and his affiliates.
Rubio’s said it is evaluating strategic alternatives, including an evaluation of the expressions of interest received by the company. The board has engaged Cowen and Co to assist in its evaluation process, the company added.
The investor group consisting of Alex Meruelo and his affiliates and Levine Leichtman Capital Partners had offered to buy all of Rubio’s outstanding common stock for $8 per share.
Separately, Rubio’s denied allegations filed in a recent lawsuit alleging breach of fiduciary duties in connection with the unsolicited offer from Meruelo.
Shares of the company closed at $7.41 Thursday on Nasdaq. (Reporting by Viraj Nair in Bangalore; Editing by Pradeep Kurup)