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Investing.com -- El Pollo Loco (NASDAQ: LOCO) shares soared 15% following an unsolicited indication of interest from Biglari Capital to acquire the fast-food chain's outstanding shares. The non-binding proposal has prompted the company's board to evaluate the offer with the aid of financial and legal advisors.
The SEC filing revealed that El Pollo Loco received the proposal from Biglari Capital, which already owns a portion of the company's stock. In response, the board is carefully considering the proposal to determine the best course of action for the company and its shareholders. As part of the evaluation process, El Pollo Loco entered into a confidentiality agreement with Biglari Capital on April 6, 2025, which includes a customary standstill provision.
The board has not established a timeline for its decision-making process regarding the proposal, nor has it made any decisions about potential actions. At this stage, El Pollo Loco has stated that it will not provide further comments on the indication of interest or any potential transaction unless it deems additional disclosure appropriate or necessary. It remains uncertain whether Biglari Capital's initial interest will lead to a formal offer or transaction.
Investors reacted positively to the news, driving the stock price up significantly during the trading session.
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