Last Updated May 12, 2010 9:45 AM EDT
- The latest cool cucumber is Rubio's Restaurants (RUBO), owner of 195-unit Rubio's Fresh Mexican Grill. Rubio's sold to Mill Road Capital for $91 million this week, after turning down two lower offers. Levine Leichtman Capital Partners had first offered Rubio's $80 million in October, then $85 million in January.
- CKE Restaurants (CKR) got roughly $80 million more for its Carl's Jr. and Hardee's fast-food chains by hanging tough on an offer from Thomas H. Lee Partners and waiting for a better offer, which came in April from Apollo Global Management.
- Landry's Restaurants (LNY), owner of fine-dining chains Chart House and Oceanaire,"eatertainment" brand Rainforest Cafe and others, is still holding out after receiving two offers from company chairman Tilman Fertitta. Fertitta first offered $14.75 a share, then in late April upped it to $21 a share. Still no sale.
- Also still holding out: Japanese fine-dining legend Benihana (BNHA), despite an increased offer from RDG Capital in March, from $7 a share to $8.
But for operators who know their brand's value, the bad old days have already ended. By being patient, these owners are netting millions more.
Photo via Flickr user AntwerpenR