Ruby Tuesday to be purchased by Atlanta-based private equity firm

Ruby Tuesday to be purchased by Atlanta-based private equity firm

NRD also hopes to utilize its past experience working with fellow restaurant companies like Popeye's and Domino's Pizza (DPZ - Free Report), as well as continue to develop its restaurant portfolio that includes Frisch's and Fuzzy's Taco Shop.

Ruby Tuesday, which has suffered losses and declining sales for the last five years as fewer diners visited its restaurants, said in March it was exploring strategic alternatives. Under the terms of the agreement, shareholders of Ruby Tuesday will receive $2.40 in cash for each share of Ruby Tuesday common stock.

Ruby Tuesday, Inc. says that the deal has already been given unanimous support from its Board of Directors. The transaction is expected to close by the first quarter of 2018 and is subject to customary closing conditions.

Like other sit-down restaurant chains, Ruby Tuesday has lost customers to cheaper, faster and more casual places.

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Ruby Tuesday is being acquired for about $146 million in a deal that will take the struggling chain private.

Aziz Hashim, founder of NRD, said that "With a well-established brand, differentiated from other casual dining restaurants by its Garden Bar, we see significant opportunities to drive value for Ruby Tuesday".

NRD is paying $2.40 a share for the 599-unit bar & grill concept, or about 21 percent above Friday's closing price of $1.99.

In the Chattanooga region, Ruby Tuesday operates restaurants in Hixson and Athens, Tenn., in Scottsboro and Fort Payne, Ala., Ala., and in Calhoun, Ga.

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