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Diversifoods accepted an offer from Pillsbury.

May 22, 1985

Directors of the restaurant-management firm agreed to accept a $360-million offer from Pillsbury Co., rejecting an earlier offer from Horn & Hardart. Diversifoods, based in Itasca, Ill., a suburb of Chicago, owns 273 Burger King restaurants, making it the largest franchisee of the fast-food chain, which is owned by Pillsbury. Diversifoods also operates more than 1,000 other restaurants, which include the Chart House, Godfather's Pizza and Luther's Bar-B-Q. Minneapolis-based Pillsbury said it offered $11.50 a share for Diversifood's outstanding common stock.

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