ARBY’S TO BUY BUFFALO WILD WINGS FOR US$2.4B

Arby’s said Tuesday that it is buying Buffalo Wild Wings for about US$2.4 billion, making it the latest casual restaurant chain to be taken private. Buffalo Wild Wings, which serves chicken wings in a sports bar-like atmosphere, has reported falling sales as it and other casual restaurants lose customers to cheaper and faster chains. In the most recent quarter, it reported a 2.3-per-cent sales drop. Last month, struggling sit-down chain Ruby Tuesday Inc. agreed to be sold for $146 million and taken private. Atlanta-based Arby’s, known for its meaty sandwiches, said Buffalo Wild Wings will operate as an independent brand. Arby’s is majority-owned by private equity firm Roark Capital Group. Arby’s said it would pay US$157 for each share of Buffalo Wild Wings, a seven-per-cent premium to its Monday close.