"We know there's interest in acquiring Red Robin, and that's no surprise given the substantial franchise value," said Gregory Taxin, a co-founder of Spotlight Advisors, which is partnered with Clinton Group to own about 9% of Red Robin.
Red Robin's shares were up 2.2% at $22.25 recently.
Clinton Group and Spotlight Advisors, the third-largest shareholder of Red Robin, said in a letter to the board of directors that "the time has come for the board to proactively solicit proposals for the acquisition of the company," according to an SEC filing summarizing the letter.
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