COLUMBUS, Ohio, Dec. 11, 2014 (GLOBE NEWSWIRE) -- Bravo Brio Restaurant Group, Inc. (Nasdaq:BBRG) (the "Company" or "BBRG") owner and operator of the BRAVO! Cucina Italiana (BRAVO!) and BRIO Tuscan Grille (BRIO) restaurant concepts, today announced the preliminary results of its modified "Dutch Auction" tender offer for the purchase of up to $50 million in value of its common shares. The tender offer expired at 12:00 midnight, New York City time, at the end of the day on December 10, 2014.
Based on the preliminary count by Wells Fargo Bank, N.A., the depositary for the tender offer, BBRG anticipates accepting for payment an aggregate of approximately 3.6 million of its common shares, including approximately 0.5 million shares that were tendered through notice of guaranteed delivery, at a preliminary purchase price of $14.00 per share, for an aggregate cost of approximately $50.0 million, excluding fees and expenses. The preliminary proration factor for the tender offer is approximately 74.2%. The aggregate number of shares expected to be purchased in the tender offer by BBRG represent approximately 19.1% of its outstanding common shares as of December 10, 2014.
The number of shares expected to be purchased in the tender offer and the purchase price are preliminary and subject to change. The preliminary information contained in this press release is subject to confirmation by the depositary. The final number of shares to be purchased and the final purchase price will be announced following the expiration of the guaranteed delivery period and the completion by the depositary of the confirmation process. Payment for shares accepted for purchase pursuant to the tender offer, and the return of all other shares tendered and not purchased, will occur promptly thereafter.
Jefferies LLC is acting as the dealer manager for the tender offer. Shareholders who have questions about the tender offer may call D. F. King & Co., Inc., the information agent for the tender offer at (800) 499-8410. Banks and brokers may call (212) 269-5550.
About Bravo Brio Restaurant Group, Inc.
Bravo Brio Restaurant Group, Inc. is a leading owner and operator of two distinct Italian restaurant brands, BRAVO! Cucina Italiana and BRIO Tuscan Grille. BBRG has positioned its brands as multifaceted culinary destinations that deliver the ambiance, design elements and food quality reminiscent of fine dining restaurants at a value typically offered by casual dining establishments, a combination known as the upscale affordable dining segment. Each of BBRG's brands provides its guests with a fine dining experience and value by serving affordable cuisine prepared using fresh flavorful ingredients and authentic Italian cooking methods, combined with attentive service in an attractive, lively atmosphere. BBRG strives to be the best Italian restaurant company in America and is focused on providing its guests an excellent dining experience through consistency of execution.
Some of the statements in this release contain forward-looking statements, which involve risks and uncertainties. These statements relate to future events or Bravo Brio Restaurant Group, Inc.'s future financial performance. The Company has attempted to identify forward-looking statements by terminology including "anticipates," "believes," "can," "continue," "could," "estimates," "expects," "intends," "may," "plans," "potential," "predicts," "should" or "will" or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors, including those discussed under the heading "Risk Factors" in the Annual Report on Form 10-K filed by the Company with the Securities and Exchange Commission on March 3, 2014.
Although Bravo Brio Restaurant Group, Inc. believes that the expectations reflected in the forward-looking statements are reasonable based on its current knowledge of the business and operations, it cannot guarantee future results, levels of activity, performance or achievements. The Company assumes no obligation to provide revisions to any forward-looking statements should circumstances change.
CONTACT: Investor Relations Don Duffy / Raphael Gross (203) 682-8200
Source:Bravo Brio Restaurant Group, Inc.