PW Partners & Luxor Capital Group Gets Three Seats on BJ’s Restaurants, Inc. (BJRI)’s Board

In a new filing with the SEC, Christian Leone’s Luxor Capital Group revealed an agreement signed with BJ’s Restaurants, Inc. (NASDAQ:BJRI), under the terms of which, Luxor and its activist group will nominate three directors to be elected to the company’s board. Luxor holds a total of 3.20 million shares of the company, while the activist group owns in aggregate around 4.53 million shares, equal to 16% of the outstanding stock.

Christian Leone

Luxor Capital has formed a group with Patrick Welsh’s PW Partners Atlas Fund and Jeffrey C. Neal from Horizon Capital. The group agreed to cooperate and seek representation on the company’s board. Under the terms of the new agreement signed with BJ’s Restaurants, Inc. (NASDAQ:BJRI), its board will be expanded to 11 members from 10, and the company agreed to nominate Patrick Walsh and Noah Elbogen to be elected by shareholders at the 2014 annual meeting, while  Mark A. McEachen is nominated effective immediately.

Moreover, as a part of the agreement,BJ’s Restaurants, Inc. (NASDAQ:BJRI) announced a share repurchase authorization worth $50 million and an increase of its cost-cutting plans, which involve hiring a consultant, Luxor said in the filing.

Recently, BJ’s Restaurants, Inc. (NASDAQ:BJRI) expanded its network of restaurants by opening a location in a town in Arkansas. Following the opening, BJ’s now owns 148 restaurants in the U.S. Overall, since the beginning of the year, the stock of the company edged down by 2% and trails a Price-to-Earnings ratio of around 41.xx, which is significantly above the industry average of 23.xx. The company will report its financial results for the first quarter of the year in a couple of weeks, while the consensus estimate for its EPS stands at $0.13 and revenues worth $204 million.

As of the end of last year, several notorious “hedgies” held shares of BJ’s Restaurants, Inc. (NASDAQ:BJRI). Steven Cohen of SAC Capital Advisors raised its position to 511,900 shares, while billionaires Ken Griffin and Israel Englander also hold significant stakes, with 1.20 million and 448,500 shares respectively.

Disclosure: none

Recommended Reading:

Luxor Capital Adds More Shares to Its Activist Stake in BJ’s Restaurants, Inc. (BJRI)

Luxor Capital Group Sells Over 2.0 Mln Shares of William Lyon Homes (WLH)

Christian Leone is Bullish on Lamar Advertising Co (LAMR) and Raises Stake to 5%

blog comments powered by Disqus
Insider Monkey Headlines
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 52 percentage points in 24 months Click to see monthly returns in table format!

Lists

The 10 Biggest ‘Gate’ Controversies in History

The 10 States with the Highest Nursing Shortages Leaving Their Hospitals Depleted

The 10 Best Value Investment Blogs that Every Investor Must Read

The 6 Cheapest Boarding Schools in Europe 2015

The 5 Most Expensive Cars To Insure in the World

The 10 Most Common Genetically Modified Foods

10 Self-Made Billionaires Who Came From Nothing

The 10 Most Expensive Cities to Live in North America

The 13 Most Expensive Headphones in the World to Represent

The Top 20 Wealthiest Soccer Teams in 2014

4 BuzzWorthy Cannabis Stocks And Some Smoking Derivative Plays

The 10 Healthiest Fast Food Chains in America to Dine At

The 5 Most Expensive Cat Food Brands You Can Spoil Your Kitty With

The 6 Best eCommerce Platforms for Small Businesses

The 10 Worst Mistakes an Entrepreneur Can Make

The 5 Most OP Characters in League of Legends to Carry Games and Crush Foes With

The 5 Best Foods to Eat Before Running that Will Help You Pound the Pavement

10 Glaring Plot Holes in The Walking Dead that a Zombie-Filled Bus Could Drive Through

The 5 Biggest Celebrity Stoners Who Love Their Reefer

The 10 Most Overrated Movies Of All Time by Out-of-Touch Critics

Top 6 Least Expensive Cruise Destinations For 2015 that Will Take You to Paradise

10 States with Lowest Substance Abuse Rates in America

The 14 Most Watched TV Finales Ever

The 10 Best Selling Role Playing Games of All Time for PC

10 Most Influential Papers In Economics

Top 8 Biggest Charities in the US

10 Worst Celebrity Career Moves Ever

Top 10 Best Paid Tennis Stars in the World

10 Cities with High Demand for Nurses

6 of the Worst Greeting Card Messages Ever Crafted

How to Make Money in ArcheAge and Build Your Empire

10 Foods To Eat To Lower Cholesterol Levels

The 10 Most Hated Television Characters of All Time

The 30 Worst Halloween Costume Ideas Ever Brought to Horrible Life

10 Vocational Skills in Demand Today with Jobs Waiting to be Filled

10 Best Places to Visit in Central and South America

The 10 Greatest Empires in History Which Nearly Conquered the World

The 6 Cheapest Boarding Schools In America 2015

5 Clear Reasons LoL is Better than DotA, Continues to Rule MOBAs

The Only 9 Teams with a Chance to Win the Super Bowl

The 15 Most Common Phobias in America that Induce Fits of Panic

Top 6 Least Expensive Tourist Destinations in 2014

Jim Goetz, Peter Fenton, Jim Breyer: Top 6 Venture Investors for 2014

Top 15 Billionaires in 2014

5 Pitfalls To Avoid When Buying a Franchise

Top 20 Medical Schools in the US – 2014 Rankings

4 Business Strategies that Turned Jamie Oliver into the World’s Richest Chef

6 Qualities That Make You A Good Team Player

10 High Paying Seasonal Jobs in America this Holiday Season

The 10 Busiest Shipping Lanes in the World

Subscribe

Enter your email:

Delivered by FeedBurner

X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 47.6% in its first year! Wondering How?

Download a complete edition of our newsletter for free!