Driven Boards recently rejected a non-binding proposal from ADW Capital Management to acquire the company, according to Seeking Alpha.

The company’s board unanimously rejected the offer from ADW Capital, which had previously offered to buy the company for $18 a share in late April. ADW Capital then reiterated its offer to buy the company for $18 a share in June. The company is a shareholder of Driven Brands, having a 4.8% stake in it.

“Following its review, the Driven Brands Board unanimously determined that ADW Capital’s proposal is highly conditional and does not provide a credible basis on which the Company could proceed,” said Driven Brands in a statement. “Additionally, the Board concluded that ADW Capital’s proposal significantly undervalues the Company in light of its long-term value creation opportunities and is therefore not in the best interest of Driven Brands and its shareholders.”