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© Reuters.By Kim Khan
Investing.com – Restaurant and entertainment chain Dave & Buster’s shot up in heavy trading Friday as investors eyed a possible private equity takeover of the company.
Shares of Dave & Buster’s Entertainment (NASDAQ:) soared 12% in midday trading
KKR said in a filing that it has a 10.7% stake in the company and that it is looking to make overall changes in the business strategy.
Dave & Buster’s reaffirmed its guidance on Jan. 13, a move that may have been to assure current investors before the KKR announced its stake. Or KKR could’ve made its announcement, which is unusual for the private equity firm, in response.
“We remain focused on our near-term priorities to revitalize our existing stores, build deeper guest engagement, prioritize spending, allocate capital to high-return opportunities, and return capital to shareholders,” Brian Jenkins, Dave and Buster’s CEO, said in a statement. “I’m pleased with the progress our team is making on these initiatives as we conclude 2019 and look forward to 2020.”
Shares of Dave & Buster’s were down more than 18% before the KKR announcement.
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