Back Yard Burgers Stockholders Approve Merger
Back Yard Burgers, Inc. (NASDAQ:BYBI) announced that its stockholders, at a special meeting held Friday, voted to adopt the previously announced merger agreement providing for the acquisition of Back Yard Burgers by BBAC, LLC in a transaction valued at approximately $38 million, including debt to be repaid by BBAC.
Under the terms of the merger agreement, the holders of Back Yard Burgers common stock and preferred stock will receive $6.50 per share in cash for their shares. Subject to the completion by BBAC of its financing package and satisfaction of certain other conditions, the transaction is expected to close in August 2007.
About Back Yard Burgers
Back Yard Burgers operates and franchises quick-service restaurants in 20 states, primarily in markets throughout the Southeast region of the United States.
Logos, product and company names mentioned are the property of their respective owners.
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