NRD Capital has completed its acquisition of struggling casual-dining chain Ruby Tuesday Inc., the companies said Thursday.
Shareholders of Maryville, Tenn.-based Ruby Tuesday approved NRD’s takeover offer of $2.40 per share “by a large majority” at a special meeting of shareholders in New York Wednesday, the companies said.
The deal valued the chain at $335 million and was first announced in October.
As part of the completion of the deal, Ruby Tuesday took out a secured loan of $115 million and a $12.5 million secured revolving credit facility, according to the companies.
On Dec. 19, Ruby Tuesday rejected a higher rival bid of $2.88 a share from The Boaz Group, calling it a “highly conditionally and not fully financed proposal.”
In October, the company said revenue in the first quarter ended Sept. 5 fell 15.3 percent to $217.3 million as same-store sales fell 5.8 percent. Traffic in the period fell 9.4 percent.
The chain has 596 restaurants in 41 states and 14 foreign countries, including Guam.
Former Popeyes, Domino’s and Checkers franchisee Aziz Hashim started NRD in 2014 and earlier this summer the firm closed on a $100 million fund. The company has previously acquired Fuzzy’s Taco Shop and Frisch’s Big Boy.