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Rubio's Restaurants passes on offer, begins strategic review process
By Lisa Kerner
Charlotte, N.C., Oct. 29 - Rubio's Restaurants, Inc. said its board of directors unanimously rejected the unsolicited offer to acquire the company for $8 per share from a group that includes Alex Meruelo and Levine Leichtman Capital Partners IV, LP.
The board has begun a process to evaluate Rubio's strategic alternatives to enhance stockholder value with the assistance of Cowen and Co., LLC, a company news release said.
As reported in March 2009, Rubio's investor Meruelo said he does not believe the company should be public and expressed interest in buying the Carlsbad, Calif., Mexican restaurant franchisor.
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