CARLSBAD Calif. Rubio’s Restaurants Inc. has rejected the proposed $49.75 million buyout offer from investor Kelly Capital Investments LLC because the bid “significantly undervalues [Rubio’s] core business and operating plan,” the restaurant operator said Wednesday. Kelly Capital last week offered $5 per share for all of Rubio’s outstanding stock in a deal that was still subject to financing. Rubio’s operates or franchise more than 180 Rubio’s Fresh Mexican Grill restaurants. Its ...

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