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BAGR > SEC Filings for BAGR > Form 8-K on 7-Apr-2014All Recent SEC Filings

Show all filings for DIVERSIFIED RESTAURANT HOLDINGS, INC.

Form 8-K for DIVERSIFIED RESTAURANT HOLDINGS, INC.


7-Apr-2014

Entry into a Material Definitive Agreement


Item 1.01 Entry into a Material Definitive Agreement

On April 1, 2014, AMC Wings, Inc., a wholly-owned subsidiary of Diversified Restaurant Holdings, Inc. (the "Company"), entered into an Asset Purchase Agreement (the "Purchase Agreement") to acquire substantially all of the assets of Screamin' Hot Florida, LLC and Screamin' Hot Trinity, LLC, each a Florida limited liability company. The assets consist primarily of three Buffalo Wild Wings restaurants in Florida (the "Restaurants"). As consideration for the acquisition of the Restaurants, the Company will pay $3.2 million in cash, subject to working capital adjustment, and one-half of the transfer fees imposed by Buffalo Wild Wings International ("BWLD") under its franchise agreements for these Restaurants. The Purchase Agreement is subject to customary pre-closing conditions, including a financing condition in favor of the Company. BWLD has a right of first refusal, exercisable for a period of 45 days, to acquire the Restaurants on the same terms proposed in the Purchase Agreement.

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