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Bid for Restaurant Firm Dropped

November 11, 1987

Newport Beach businessman Anwar Soliman has withdrawn his $98-million, $17-a-share offer to buy Restaurant Associates Industries, officials of the New York-based restaurant and newsstand chain said Tuesday. Since August, Soliman has been vying for control of the company in a bidding war with a group of Restaurant Associates executives. On Oct. 27, the company's board approved a $14.25-a-share, $82-million buyout offer from the management group. Soliman, chairman of American Restaurant Group, could not be reached for comment.

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