Driven Brands Holdings Inc. Rejects Non-Binding, Highly Conditional and Unsolicited Proposal from ADW Capital
Driven Brands Holdings Inc. announced that its Board of Directors unanimously rejected a non-binding, highly conditional and unsolicited proposal from ADW Capital Management, LLC to acquire the company for $18.00 per share in cash. The Board acted in consultation with its financial and legal advisors and consistent with its fiduciary duties.
Why it matters — A DRVN watcher would care because the board's rejection addresses an unsolicited acquisition proposal and reflects the board's stance on the company's value and direction.