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INDUSTRY NOTES

Merger Deadline Is Extended by Rusty Pelican

October 29, 1987

Citing the recent stock market turmoil, officials at Rusty Pelican Restaurants said Wednesday that the company has extended the deadline for completion of its proposed merger with Paragon Restaurant Group of San Diego.

The agreement extends the merger deadline from Oct. 31 to Nov. 20 and, upon payment of a cash consideration by Paragon, for a further extension to Dec. 15, according to Louis A. Siracusa, chairman and chief executive of Rusty Pelican Restaurants.

"We have agreed to the extension because we continue to believe the merger would be in the best interests of our shareholders," Siracusa said in a prepared statement. "It must be recognized, however, that with the existing turmoil in the financial markets, it is by no means certain that the transaction will be successfully completed."

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