In November of 2022, BT Brands (BTBD) filed a 13D after accumulating a 4.38% stake in Noble Roman’s (NROM). On February 16th of 2023, the company amended its 13D after increasing its stake to 5.68%. In this post, we will discuss what BT Brand is proposing and analyze the potential to unlock value for NROM shareholders. This post looks at the proposal and the operations of the franchise business and not the Craft Pizza business. NROM is scheduled to report earnings soon and a follow up post will be forthcoming to analyze any management response to the proposal and the entire business.
Can BT Brands Unlock Value at Noble Roman’s?
Can BT Brands Unlock Value at Noble Roman’s?
Can BT Brands Unlock Value at Noble Roman’s?
In November of 2022, BT Brands (BTBD) filed a 13D after accumulating a 4.38% stake in Noble Roman’s (NROM). On February 16th of 2023, the company amended its 13D after increasing its stake to 5.68%. In this post, we will discuss what BT Brand is proposing and analyze the potential to unlock value for NROM shareholders. This post looks at the proposal and the operations of the franchise business and not the Craft Pizza business. NROM is scheduled to report earnings soon and a follow up post will be forthcoming to analyze any management response to the proposal and the entire business.