An investigation on behalf of investors, who currently hold shares of Buffalo Wild Wings (NASDAQ:BWLD), was announced concerning whether the takeover of Buffalo Wild Wings by Arbys Restaurant Group, Inc for $157.00 per share is unfair to NASDAQ:BWLD stockholders.

The investigation by a law firm concerns whether certain officers and directors of Buffalo Wild Wings breached their fiduciary duties owed to NASDAQ:BWLD investors in connection with the proposed acquisition.

On November 28, 2017, Arbys Restaurant Group, Inc. and Buffalo Wild Wings (NASDAQ:BWLD) announced that the companies have entered into a merger agreement under which Arbys Restaurant Group, Inc will acquire Buffalo Wild Wings (NASDAQ:BWLD) for $157 per share in cash, in a transaction valued at approximately $2.9 billion, including BWWs net debt.

However, given that at least one analyst has set the high target price for NASDAQ: BWLD shares at $160 per share and given that NASDAQ: BWLD shares reached as high as $174.90 per share in December 2016, the investigation concerns whether the offer is unfair to NASDAQ:BWLD stockholders. Furthermore, given that certain funds advised by Marcato Capital Management, LP, which own approximately 6.4% of the outstanding shares of BWW, have already entered into an agreement to vote in favor of the transaction, the investigation concerns whether the NASDAQ:BWLD Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.