Investors Group Offers $205 Million for Arby’s Chain
ATLANTA (AP) _ A New York investment group on Wednesday offered to buy Atlanta-based Arby’s Inc. for $205 million, despite assertions by Arby’s parent company that the fast-food chain is not for sale.
The offer came from Stevric Equity Ventures Inc. of Mineola, N.Y., an investment group headed by brothers Richard E. and Steven H. Buckley, two former officers of the Nathan’s Famous Inc. hot dog chain.
Stevric’s offer is the second bid for Arby’s since August.
The earlier offer of more than $200 million came from R.B. Partners Ltd., a group formed by eight large Arby’s franchisees, part of a larger group known as A.P. Association Inc., which is trying to force financier Victor Posner to sell the company.
But DWG Corp., a publicly traded company controlled by Posner that owns Chesapeake Financial Corp., Arby’s parent, stressed again Wednesday that Arby’s is not for sale.
An Arby’s franchisee in Youngstown, Ohio, Joseph G. Smaltz, who is part of R.B. Partners, said the group might find a deal with Stevric acceptable.
″If these people would be successful in buying Arby’s from Vic Posner, that could be a step in the right direction,″ Smaltz said.
The franchisee group has raised more than $1 million to fund its efforts and is led by ousted Arby’s president Leonard H. Roberts.
Granada Investments Inc. of New York is waging a hostile, $572 million fight for Posner to take over all of DWG and has filed a federal lawsuit against the company, based in Miami Beach, Fla., in the hopes of having a trustee appointed to consider its offer.