December 9, 2005
Going Private: Dave and Buster's
Posted by Jason R. Job
One of my favorite restaurants and places to hang out when I was a law student at the Moritz College of Law at The Ohio State University was Dave and Buster's. There was nothing like a cold brew, some good food, and a quick 18 holes of Golden Tee to take my mind off of the labors of law school. So today, I was reading the financial news and noticed that Dave and Buster's (NYSE: DAB) has agreed to be taken private by Wellspring Capital for $18.05 a share. (Press Release can be found here in .pdf or here in HTML).
What I found most interesting was Chief Executive Officer, Buster Corley's comment regarding Wellspring's proposal to purchase Dave and Busters. Corley stated, "We believe that this proposal to buy the company offers all of us as shareholders a unique opportunity to realize value at a time when the company has been challenged to perform up to expectations." For once, an honest CEO, who has decided that maybe it is time to cash in his chips and maximize shareholder value.
Recently, the stock was trading up $2.33 to $17.54 a share.
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