Robbins Umeda LLP Announces an Investigation of the Acquisition of Rubio's Restaurants, Inc. by Mill Road Capital, L.P.
Robbins Umeda LLP has commenced an investigation into possible breaches of fiduciary duty and other violations of state law by members of the Board of Directors of Rubio's Restaurants, Inc. (NASDAQ: RUBO) in connection with their actions in causing Rubio's to enter into a definitive merger agreement to be acquired by Mill Road Capital, L.P.
If the transaction is completed, shareholders of Rubio's will receive $8.70 in cash for each share of Rubio's common stock they hold. The companies expect the transaction to close in the third quarter of 2010.
Robbins Umeda LLP's investigation concerns whether the Board of Directors of Rubio's undertook a fair process to obtain fair consideration for all shareholders of Rubio's. Notably, the proposed acquisition's consideration of $8.70 represents a premium of less than 14% to the closing price of Rubio's stock on the last trading day before the announcement. In addition, the stock price of Rubio's traded above $8.00 a share throughout April and closed at $8.44 on April 26, 2010.
If you are a shareholder of Rubio's and would like more information about your rights as a shareholder, please contact attorney Lauren Levi at 800-350-6003 or by e-mail at [email protected].
