BUSINESS
May 23, 2012 | By Tiffany Hsu, Los Angeles Times
Benihana Inc., the Japanese-style and sushi restaurant chain known for slicing, dicing and frying food in front of diners, has accepted an offer to be sold to a private equity group for $296 million. Angelo, Gordon & Co. plans to pay Benihana shareholders $16.30 a share in cash in a transaction that's been approved by the Miami-based chain's board. Benihana shareholders must also approve the acquisition. The price is a premium of 46% over the average closing price for the 30 days before March 13, when Benihana first said it was exploring strategic alternatives for its business.
CALIFORNIA | LOCAL
May 22, 2012 | By Sam Quinones, Los Angeles Times
Four carwash workers filed suit Monday claiming that a family of carwash owners routinely withheld pay for overtime and denied them breaks during the summer. The lawsuit is one of a series filed on behalf of carwash workers since 2008 in an attempt by unions and immigrant advocates to improve conditions in an industry in which competition is fierce, profit margins are low and workers are often undocumented immigrants from Mexico and Central America. A Times report on the industry found it rife with nonpayment of overtime, false pay records and other abuses.
BUSINESS
May 22, 2012 | By Richard Verrier and David Pierson, Los Angeles Times
Chinese conglomerate Dalian Wanda Group's landmark deal to buy AMC Entertainment Inc. for $2.6 billion could be a catalyst for similar acquisitions of American theater chains and other U.S. entertainment properties, industry analysts said. The deal announced Sunday — which pairs China's biggest theater operator with the second-largest chain in the U.S. — marks the largest investment to date by a Chinese company in the U.S. entertainment industry. Most of the deal making has been Hollywood companies striking business deals in China.
WORLD
May 22, 2012 | David S. Cloud and Kathleen Hennessey
When the White House sent a last-minute invitation for Asif Ali Zardari to attend the two-day NATO summit, they were taking a highly public gamble. Would sharing the spotlight with President Obama and other global leaders induce the Pakistani president to allow vital supplies to reach alliance troops fighting in Afghanistan? But long before the summit ended Monday, the answer was clear: No deal. Zardari's refusal to reopen the supply routes left a diplomatic blot on a summit that NATO sought to cast as the beginning of the end of the conflict in Afghanistan.
BUSINESS
May 21, 2012 | Bloomberg News
DaVita Inc., whose biggest shareholder is billionaire Warren Buffett's Berkshire Hathaway Inc., agreed to pay about $4.42 billion in cash and stock to acquire HealthCare Partners, continuing an international spending spree on providers of medical care. DaVita, a U.S. provider of kidney dialysis services, will pay about $3.66 billion in cash, plus 9.38 million shares of its stock, which had a value of $758 million as of May 18, for closely held HealthCare Partners, the companies said.
CALIFORNIA | LOCAL
May 20, 2012 | By Larry Gordon, Los Angeles Times
College graduation is typically a time to tally accomplishments and to look ahead. But for many graduates, it is also a time to tally student loans and figure out how to repay them. About two-thirds of college graduates have some student loans to pay off, and their average debt is about $25,000 to $28,700, according to estimates by education experts and organizations. (About 10% of those with loans owe more than $50,000 or so.) Many college seniors say they had not thought much about their debt until they received summaries just before graduation.