SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
RULE 13d-2(a)
Under the Securities Exchange Act of 1934
(Amendment No. 2)*
Red Robin Gourmet Burgers, Inc.
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(Name of Issuer)
Common Stock, Par Value $0.001 Per Share
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(Title of Class of Securities)
75689M101
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(CUSIP Number)
Marc Weingarten, Esq. and
David E. Rosewater, Esq.
Schulte Roth & Zabel LLP
919 Third Avenue
New York, New York 10022
(212) 756-2000
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
February 11, 2010
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(Date of Event which Requires
Filing of This Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition that is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following
box. [ ]
NOTE: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See Rule 13d-7 for other parties
to whom copies are to be sent.
(Continued on following pages)
(Page 1 of 10 Pages)
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* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
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CUSIP NO. 75689M101 SCHEDULE 13D PAGE 2 OF 10 PAGES
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
CLINTON GROUP, INC.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
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7 SOLE VOTING POWER
- 0 -
----------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 1,087,718 (See Item 5)
OWNED BY ----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH - 0 -
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,087,718 (See Item 5)
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
1,087,718 (See Item 5)
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12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.0% (See Item 5)
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14 TYPE OF REPORTING PERSON*
IA; CO
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CUSIP NO. 75689M101 SCHEDULE 13D PAGE 3 OF 10 PAGES
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
CLINTON MAGNOLIA MASTER FUND, LTD.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
CAYMAN ISLANDS
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7 SOLE VOTING POWER
- 0 -
----------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 1,087,718 (See Item 5)
OWNED BY ----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH - 0 -
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,087,718 (See Item 5)
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
1,087,718 (See Item 5)
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12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.0% (See Item 5)
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14 TYPE OF REPORTING PERSON*
CO
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* SEE INSTRUCTIONS
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CUSIP NO. 75689M101 SCHEDULE 13D PAGE 4 OF 10 PAGES
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
GEORGE HALL
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF
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5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES
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7 SOLE VOTING POWER
- 0 -
----------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 1,087,718 (See Item 5)
OWNED BY ----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH - 0 -
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,087,718 (See Item 5)
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
1,087,718 (See Item 5)
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12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.0% (See Item 5)
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14 TYPE OF REPORTING PERSON*
IN
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* SEE INSTRUCTIONS
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CUSIP NO. 75689M101 SCHEDULE 13D PAGE 5 OF 10 PAGES
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
SPOTLIGHT ADVISORS, LLC.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
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7 SOLE VOTING POWER
- 0 -
----------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 3,000
OWNED BY ----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH - 0 -
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
3,000
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
3,000
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12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
Less than 0.1%
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14 TYPE OF REPORTING PERSON*
CO
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* SEE INSTRUCTIONS
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CUSIP NO. 75689M101 SCHEDULE 13D PAGE 6 OF 10 PAGES
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
GREGORY P. TAXIN
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES
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7 SOLE VOTING POWER
- 0 -
----------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 3,000
OWNED BY ----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH - 0 -
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
3,000
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
3,000
--------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
Less than 0.1%
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14 TYPE OF REPORTING PERSON*
IN
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* SEE INSTRUCTIONS
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CUSIP NO. 75689M101 SCHEDULE 13D PAGE 7 OF 10 PAGES
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ITEM 1. SECURITY AND ISSUER.
The Schedule 13D filed on December 22, 2009 (the "Schedule 13D"), as
amended by Amendment No. 1 dated January 8, 2010 (the "First Amendment"), by the
Clinton Group, Inc., a Delaware corporation ("CGI"), Clinton Magnolia Master
Fund, Ltd., a Cayman Islands exempted company ("CMAG"), George Hall (CGI, CMAG
and George Hall, collectively "Clinton"), Spotlight Advisors, LLC, a Delaware
Limited Liability Company ("SAL"), and Gregory Taxin (SAL and Gregory Taxin,
collectively "Spotlight," and collectively with Clinton, the "Reporting
Persons") relating to the shares of Common Stock, $0.001 par value per share
(the "Shares"), of Red Robin Gourmet Burgers, Inc., a Delaware corporation (the
"Issuer"), is hereby amended as set forth below by this Amendment No. 2 to the
Schedule 13D.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
Item 3 of the Schedule 13D is being amended and restated in its entirety to
include the following:
Funds for the purchase of the Shares reported herein were derived from
available capital of CMAG and SAL. A total of approximately $17,900,000 was paid
to acquire such Shares.
ITEM 4. PURPOSE OF TRANSACTION.
Item 4 of the Schedule 13D is being amended to include the following:
On February 11, 2010, representatives of the Reporting Persons spoke
with Edward Harvey, the lead independent director of the Issuer's board of
directors (the "Board"). During the discussion, the parties discussed several
possible approaches to address the issues raised by the Reporting Persons and
agreed to continue discussing those issues. The Reporting Persons indicated
their desire to continue to work cooperatively with the Board to reach an
amicable resolution, but also noted their willingness to nominate alternative
directors for the Board in the event a settlement is not reached.
On February 12, 2010, representatives of the Reporting Persons spoke
with Mr. Harvey and provided a framework for a potential resolution of the
issues the Reporting Persons have raised. The Reporting Persons indicated that
an acceptable resolution would include changes to the size, leadership,
compensation and composition of the Board and its committees and certain
corporate governance reforms, including that the Issuer adopt majority voting.
The Reporting Persons reiterated that in the absence of a resolution of their
concerns, the Reporting Persons would nominate alternative directors for the
Board.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
Item 5 of the Schedule 13D is being amended and restated in its entirety to
include the following:
(a) The aggregate percentage of Shares beneficially owned by the
Reporting Persons is based upon 15,580,644 Shares outstanding, which is the
total number of Shares outstanding as of November 3, 2009 as reported in the
Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange
Commission on November 6, 2009 for the period ended October 4, 2009.
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CUSIP NO. 75689M101 SCHEDULE 13D PAGE 8 OF 10 PAGES
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As of the close of business on February 12, 2010, Clinton may be deemed
the beneficial owners of an aggregate of 1,087,718 Shares constituting
approximately 7.0% of the Shares outstanding. A recent Southern District of New
York decision determined that the reference shares in connection with swap
arrangements may be deemed to be beneficially owned by the holder of the swap.
That decision is under review by the Second Circuit Court of Appeals, but in the
event that shares referenced in swap arrangements may be deemed to be
beneficially owned by the holder of the swap, Clinton would beneficially own an
additional 58,800 Shares pursuant to the CMAG Swaps, described in Item 6 of the
Schedule 13D, for an aggregate of 1,146,518 Shares constituting approximately
7.4% of the Shares outstanding. Clinton expressly disclaims beneficial ownership
of the 58,800 Shares referenced in the swap arrangements. Spotlight may be
deemed to beneficially own 3,000 shares, constituting less that 0.1% of the
Shares outstanding.
By virtue of the Letter Agreement, filed as Exhibit 1 to the Schedule
13D and incorporated here by reference, the Reporting Persons may be deemed to
have formed a "group" within the meaning of Section 13(d)(3) of the Securities
Act of 1934 and may be deemed to beneficially own 1,090,718 Shares, constituting
approximately 7.0% of the Shares outstanding; provided that the Group may be
deemed to beneficially own 1,149,518 Shares, constituting approximately 7.4% of
the Shares outstanding due to the arrangements in regard to the CMAG Swaps as
discussed above. However, (i) Clinton expressly disclaims beneficial ownership
of (x) the Shares referenced in the CMAG Swaps and (y) the Shares beneficially
owned by Spotlight and (ii) Spotlight expressly disclaims beneficial ownership
of the Shares beneficially owned by Clinton.
(b) By virtue of investment management agreements with CMAG, CGI has
the power to vote or direct the voting, and to dispose or direct the
disposition, of all of the 1,087,718 Shares beneficially owned by CMAG. By
virtue of his direct and indirect control of CGI, George Hall is deemed to have
shared voting power and shared dispositive power with respect to all Shares as
to which CGI has voting power or dispositive power.
By virtue of his direct control as managing member of SAL, Gregory
Taxin is deemed to have shared voting power and shared dispositive power with
respect to all Shares as to which SAL has voting power or dispositive power.
(c) Information concerning transactions in the Shares effected by the
Reporting Persons since the filing of the First Amendment is set forth in
Schedule B hereto and is incorporated herein by reference. Unless otherwise
indicated, all of such transactions were effected in the open market.
(d) No person (other than the Reporting Persons) is known to have the
right to receive or the power to direct the receipt of dividends from, or the
proceeds from the sale of, the Shares.
(e) Not applicable.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH
RESPECT TO SECURITIES OF THE ISSUER.
Item 6 of the Schedule 13D is being amended to include the following:
See Schedule B for option contracts with respect to securities of
the Issuer.
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CUSIP NO. 75689M101 SCHEDULE 13D PAGE 9 OF 10 PAGES
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SIGNATURES
After reasonable inquiry and to the best of his or its knowledge and
belief, each of the undersigned certifies that the information set forth in this
statement is true, complete and correct.
Dated: February 16, 2010
CLINTON GROUP, INC.
By: /s/ Francis Ruchalski
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Name: Francis Ruchalski
Title: Chief Financial Officer
CLINTON MAGNOLIA MASTER FUND, LTD.
By: Clinton Group, Inc. its investment
manager
By: /s/ Francis Ruchalski
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Name: Francis Ruchalski
Title: Chief Financial Officer
/s/ George Hall
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George Hall
SPOTLIGHT ADVISORS, LLC
By: /s/ Gregory P. Taxin
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Name: Gregory P. Taxin
Title: Managing Member
/s/ Gregory P. Taxin
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Gregory P. Taxin
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CUSIP NO. 75689M101 SCHEDULE 13D PAGE 10 OF 10 PAGES
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SCHEDULE B
This Schedule sets forth information with respect to each purchase
and sale of Shares which were effectuated by the Reporting Persons since filing
the First Amendment. Unless otherwise indicated, all transactions were
effectuated in the open market through a broker.
CLINTON MAGNOLIA MASTER FUND, LTD.
EQUITY
Trade Date Shared Purchased (Sold) Price Per Share ($)
----------- ------------------------ -------------------
1/15/10 100,000 15
1/15/10 (31,900) 17.5
1/19/10 8,600 18.85187
1/21/10 3,200 19.33531
1/21/10 (3,200) 19.2537
1/28/10 6,052 18.40358
2/1/10 20,000 19.15518
2/2/10 18,875 19.12307
2/3/10 10,000 18.90239
2/5/10 23,381 18.71401
2/9/10 25,000 19.07396
2/12/10 50,328 19.79649
2/12/10 (200) 19.701
OPTIONS
Trade Date Expiration Date Quantity Strike Price ($)
------------ ----------------- ---------- --------------
1/15/10 1/15/10 (100,000) 15
1/15/10 1/15/10 31,900 17.5
1/19/10 2/19/10 (5,100) 17.5
1/19/10 2/19/10 (50,000) 20
1/19/10 3/19/10 (30,000) 20
1/20/10 2/19/10 (3,200) 20
1/21/10 2/19/10 (40,300) 20
1/25/10 3/19/10 (30,000) 20
1/25/10 2/19/10 (100,000) 20
1/27/10 2/19/10 (5,000) 20
1/28/10 2/19/10 (5,000) 20
1/29/10 3/19/10 (35,000) 20
1/29/10 2/19/10 (20,000) 17.5
1/29/10 2/19/10 (25,000) 20
2/1/10 2/19/10 (40,000) 20
2/3/10 2/19/10 (55,000) 20
2/3/10 3/19/10 (105,000) 20
2/5/10 2/19/10 (135,000) 20
2/5/10 3/19/10 (160,000) 20
2/5/10 9/17/10 10,000 22.5
2/5/10 9/17/10 (2,200) 22.5
2/12/10 2/19/10 (3,200) 20
2/12/10 3/19/10 (10,000) 20