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Buffalo Wild Wings (BWLD) shares shot up 28% late Monday following a report suggesting that the wing and beer chain recently received a $2.3 billion takeover offer from private equity firm Roark Capital Group.

If a deal is consummated it would represent a big win for activist Marcato Capital Management's Mick McGuire, who succeeded in June at driving out the wing and beer chain's CEO, Sally Smith, and installing a minority slate of three of four dissident directors onto the company's board in a hotly contested proxy war that was almost a year in the making. McGuire got a seat for himself, a key part of the activist's victory.

To read the full analysis, visit TheStreet's sister publication The Deal here

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Editors' pick: Originally published Nov. 13.