September 12, 1987 |
Restaurant Associates Industries denied Friday that its board had rejected a $110-million acquisition offer by Newport Beach businessman Anwar Soliman and said it may take legal action against Soliman for his statements on the company's deliberations. On Thursday, Soliman said that Restaurant Associates directors had rejected his offer by a 6-to-5 vote, and he accused the board of protecting management at shareholders' expense. The company had no comment at the time.
September 11, 1987 |
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.
November 4, 1987 |
Newport Beach businessman Anwar Soliman has renewed his efforts to acquire New York-based Restaurant Associates Industries, offering to pay about $97.5 million, or $17 a share, for the restaurant and newsstand chain--despite its management's continuing rejection of Soliman as a suitor. The unsolicited bid, announced Tuesday by Restaurant Associates, comes two weeks before a management-sponsored tender offer to pay about $82 million, or $14.25 a share, is scheduled to close Nov. 16.
September 9, 1987 |
Newport Beach restaurateur Anwar Soliman on Tuesday increased his offer to $105 million to buy New York-based Restaurant Associates Industries, despite management's belief that the company is virtually takeover proof. At the same time Soliman increased his offer from $91 million, the restaurant and newsstand chain unveiled a sweetened management buyout offer valued at $88 million in cash, or $16 a share.
September 10, 1987 |
A management group withdrew its buyout offer Wednesday for Restaurant Associates Industries, removing a potential obstacle to a proposed $110-million acquisition by Newport Beach restaurateur Anwar Soliman. Although the New York-based restaurant and newsstand company said that it will cooperate with Soliman's request for financial data, Restaurant Associates Chairman Martin Brody said management still intends to vote its shares against any merger proposal.