LEBANON Tenn. CBRL Group Inc. said Thursday it accepted for repurchase more than 5.4 million shares of its common stock at $46 per share, or about $250 million, under the company's modified Dutch auction tender offer that expired Jan. 11. The shares earmarked for repurchase represent about 17.3 percent of the company's shares outstanding as of Dec. 22. A total of 6.1 million shares were properly tendered and not withdrawn at per-share prices between $42 and $46, CBRL said.
The buyback, first announced in December, is part of CBRL's $350 million share repurchase plan authorized by its board of directors after the company sold its Logan's Roadhouse chain to a group of private-equity firms including Bruckmann, Rosser, Sherrill & Co. Inc., Canyon Capital Advisors LLC and Black Canyon Capital LLC. The deal was valued at $486 million and CBRL reported net proceeds of about $385 million. CBRL operates 552 Cracker Barrel Old Country Store restaurants.
