Thank you for sharing!

Your article was successfully shared with the contacts you provided.

DALLAS-Dave & Buster’s, the owner of restaurants that feature video games for adults, says a management-led group raised its takeover offer to $275 million in cash and debt, a move coming shortly after it failed to get approval for a lower bid from a two-thirds majority.

The group raised its offer by $20 million, to $13.50 per share from $12 pershare, the Dallas-based restaurant chain says in a prepared statement. Three of the largest shareholders who opposed the previous offer have agreed to vote for the acquisition, the company says.

Dallas-based Renaissance Capital Group, which owns about 4.67% of Dave & Buster’s outstanding shares, issued a statement backing the new offer shortly after it was made. They reserved the option of backing a higher bid for the company if one came along.

In May, Dave & Buster’s agreed to be bought by the management group and Bahrain-based Investcorp. The $12 per-share offer expired early this month after about 46% of the outstanding shares not controlled by senior management had been tendered. The transaction was contingent upon 80% of those shares being tendered.

The amended merger was approved by the company’s board of directors who were represented by three outside directors who are being advised by Houlihan Lokey Howard & Zukin.

The shares of Dallas-based Dave & Buster’s rose on the news of the higher bid, and now trade in the low $13 per share range. The shares have gone up more than 70% in the past year.

The 20-year-old chain operates 31 high volume, large-format restaurants/entertainment complexes throughout the U.S.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. NET LEASE Fall 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.