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Edelman plans to make a bid for Ponderosa.

November 25, 1986

New York investor Asher B. Edelman, who has been attempting the takeover of Lucky Stores since September, added the Dayton, Ohio-based steak house chain to his target list. In an SEC filing, he said he has accumulated 18.5% of the company, and Wall Street sources estimated that he would offer $30 a share for the rest. Ponderosa said it is studying Edelman's request for a meeting. Separately, Lucky indicated in documents filed with the SEC that the sale of Gemco and the spinoff of its Hancock Fabric division will increase its debt-equity ratio to about 75% from about 41%. However, the sale of two other specialty store units is expected to reduce that ratio.

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