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Activist Investor Takes Aim at Buffalo Wild Wings Restaurants

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Activist investor Richard McGuire III, managing principal of hedge fund Marcato Capital Management, has amassed a 5.1% share of restaurant operator Buffalo Wild Wings Inc. (NASDAQ: BWLD) in the past month. The move is widely seen in part as a real estate play as the Minneapolis-based chain “owns and operates” 603 of eateries —more than half of its 1,160-plus eateries.

Many of those corporate-owned restaurants are NNN leased properties. The firm…

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