Activist Update: Clinton Group & Spotlight Capital speaking with Red Robin Gourmet
|February 25th, 2010||
|Contributed by: Hedge Fund Solutions LLC|
|Earlier this month, Clinton Group and Spotlight Capital met with the lead independent director of Red Robin Gourmet Burgers, Inc. (NASDAQ: RRGB). The two investors stated that they wanted to continue to cooperate with the board to reach a mutual agreement but were also ready to nominate directors if a settlement is not reached. The two investors together hold 1,087,718 shares of Red Robin or 7.0% of shares outstanding.|
Hedge Fund Solutions previously covered Red Robin in its Catalyst Research Report, highlighting Clinton and Spotlight’s “group” filing with the SEC last December for communicating about their investment in Red Robin. Clinton and Spotlight met with the lead independent director of Red Robin in January and expressed their concerns about the company’s financial and stock price underperformance, operational issues, executive management, business strategy, executive compensation arrangements, and failure of the board to respond to a significant withhold vote in the last election of directors.
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