The board of Driven Brands Holdings Inc. (NASDAQ: DRVN) unanimously rejected an unsolicited $18 per share cash proposal from activist investor ADW Capital Management LLC, the company announced Aug. 3, calling the offer highly conditional and short of the company’s value.
Driven Brands is the parent of collision repair networks CARSTAR, Abra and Fix Auto USA and of paint franchise Maaco.
The board said it reviewed and evaluated the proposal in consultation with its financial and legal advisors, consistent with its fiduciary duties. It concluded that the proposal was highly conditional and did not provide a credible basis on which
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