Newport Beach restaurateur Anwar Soliman accused the directors of Restaurant Associates Industries on Thursday of protecting management at the expense of shareholders by narrowly rejecting his $110-million bid for the New York company.
In a prepared statement, Soliman said he had been informed by a Restaurant Associates director that his takeover proposal was rejected 6 to 5 in a board vote taken late Tuesday.
The company has not made any announcement about voting by directors on Soliman's offer. Martin Brody, Restaurant Associates chairman and chief executive, declined to comment Thursday on Soliman's statement, saying the company had not seen the statement.
Soliman asked the board to reconvene and to determine that his proposal, in fact, had been approved because three of the six votes cast against him should be disqualified.