Back Yard agrees to be acquired for $38M

MEMPHIS, Tenn. Back Yard Burgers Inc., franchisor of the namesake regional quick-service chain, has agreed to be acquired for $38 million by a group led by Steve Lynn, a former chairman and chief executive of Sonic Corp. and Shoney's Inc.

Lynn's group agreed to buy publicly traded Back Yard for $6.50 a share, a 29-percent premium over the stock's closing price on Friday. The buyer, BBAC LLC, also indicated that it would repay Back Yard's debt, which is reflected

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