CARLSBAD, Calif. The stock price for Rubio’s Restaurants Inc. rose 29 percent Thursday following the company’s announcement a day earlier that it received an $80 million buyout offer.
After reaching a new 52-week high of $7.89 per share during trading, the stock closed at $7.74 per share on Thursday. It had closed at $6 per share on Wednesday. During the year, Rubio’s stock has traded as low as $2.16 per share.
The surge still places Rubio’s stock price below the $8-per-share buyout offer from an investor group that includes shareholder and investment manger Alex Meruelo and investment firm Levine Leichtman Capital Partners IV LP. Rubio’s said Wednesday it received a letter of intent for the buyout and that it would review the deal.
Rubio’s, based in Carlsbad, Calif., operates or franchises the 195-unit Rubio’s Fresh Mexican Grill chain.