Buffalo Wild Wings decries activist’s ‘risky’ strategies
Buffalo Wild Wings Inc. on Monday issued a full-throated defense of its performance and stock price, and vowed that it wouldn’t support the “risky financial engineering strategies” of activist shareholder Marcato Capital Management.
The Minneapolis-based chicken-wing chain, facing an aggressive proxy fight against Marcato, took aim at the shareholder’s plan to refranchise most company-owned units in documents filed with the SEC on Monday.
Marcato wants Buffalo Wild Wings to sell most of its company-owned units to franchisees, arguing that franchise operators run more profitable restaurants.
Buffalo Wild Wings has announced plans to refranchise 70 restaurants, but argued that Marcato’s “vastly more aggressive