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Restaurant Associates Industries

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BUSINESS
November 18, 1999 | RUSS PARSONS, TIMES FOOD EDITOR
The company that owns one of Los Angeles' top restaurants, Patina, is being acquired by New York-based restaurant management group Restaurant Associates. Besides the flagship Patina restaurant on Melrose Avenue--routinely named as one of the best in Southern California--Patina Group comprises six restaurants, four museum cafes and a catering company. Financial details of the transaction, which will be completed Dec. 2, were not disclosed.
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BUSINESS
September 12, 1987 | MARY ANN GALANTE, Times Staff Writer
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.
BUSINESS
September 11, 1987 | MARY ANN GALANTE, Times Staff Writer
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.
BUSINESS
November 4, 1987 | MARY ANN GALANTE, Times Staff Writer
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.
BUSINESS
September 9, 1987 | MARY ANN GALANTE, Times Staff Writer
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.
BUSINESS
September 15, 1987 | MARY ANN GALANTE, Times Staff Writer
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.
BUSINESS
November 4, 1987 | MARY ANN GALANTE, Times Staff Writer
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.
BUSINESS
September 20, 1987 | MARY ANN GALANTE, Times Staff Writer
For Anwar Soliman, a fall from Grace was anything but a disaster. It was 14 months ago that Soliman departed as head of W. R. Grace & Co.'s restaurant division when his plan for a $775-million management buyout suddenly fell through. After 22 years at Grace, much of it helping the company amass restaurants like Del Taco, Coco's, JoJos and Gladstone's 4 Fish, he was out of a job. But not for long.
BUSINESS
September 18, 1987 | LESLIE BERKMAN, Times Staff Writer
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.
BUSINESS
September 15, 1987 | MARY ANN GALANTE, Times Staff Writer
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.
BUSINESS
September 18, 1987 | LESLIE BERKMAN, Times Staff Writer
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.
BUSINESS
September 10, 1987 | MARY ANN GALANTE, Times Staff Writer
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.
BUSINESS
September 15, 1987 | MARY ANN GALANTE, Times Staff Writer
Restaurant Associates Industries Inc. said Monday that 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. In a prepared release, the New York-based restaurant and newsstand company said the management group will launch an $18-per-share cash tender offer Thursday for the 2.1 million outstanding shares of Class A stock and 2.
BUSINESS
September 12, 1987 | MARY ANN GALANTE, Times Staff Writer
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.
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