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.
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 18, 1987 |
A New York restaurant company, which has accepted a management buyout offer, said Thursday that Orange County businessman Anwar Soliman has raised the price of his competing bid for the firm. Restaurant Associates Industries said Soliman has raised his offering price for the company to $20 per share, or about $120 million. The management group is offering $18 a share.
September 15, 1987 |
A two-week bidding contest over a New York restaurant firm seemed to end Monday with the announcement that company directors had accepted a management buyout offer rather than a rival bid by a Newport Beach restaurateur. Restaurant Associates Industries said it has accepted a cash buyout offer of nearly $90 million from a group of its top executives, apparently derailing Orange County businessman Anwar Soliman's takeover bid of more than $100 million.