W.R. Grace & Co. said that it is extending until Dec. 22 its previously announced $20.50 per share tender offer for the shares of El Torito Restaurants Inc. it does not already own. The New York-based chemical company currently owns 72.5% of El Torito's stock.
The tender offer is part of a management-led leveraged buy-out of Grace's Restaurant Group. The buy-out is expected to be completed by the end of the year.
Grace has agreed to sell the group, which includes El Torito, after it completes the tender offer. Grace initially said it wanted to acquire at least 1.9 million of El Torito's outstanding shares, which would give it 90% ownership of the Irvine-based restaurant chain. However, by the close of the original Dec. 10 deadline, more than 2.2 million shares had been tendered.