Vicorp Specialty Restaurants Inc

Directors of Rusty Pelican Restaurants unanimously approved a $25.4-million cash buyout offer Wednesday from Vicorp Specialty Restaurants, a privately held operator of 83 dinner houses. San Diego-based VSR would pay $9 per share for the 2.8 million shares of Rusty Pelican common stock outstanding and assume $18.7 million in long-term debt and capitalized leases of the Irvine-based Rusty Pelican chain.

Directors of Rusty Pelican Restaurants unanimously approved a $25.4-million cash buyout offer Wednesday from Vicorp Specialty Restaurants, a privately held operator of 83 dinner houses. San Diego-based VSR would pay $9 per share for the 2.8 million shares of Rusty Pelican common stock outstanding and assume $18.7 million in long-term debt and capitalized leases of the Irvine-based Rusty Pelican chain.

Halligan's Restaurant at 4325 Ocean Blvd., Pacific Beach, has been sold to Vicorp Specialty Restaurants Inc. in a $2.96-million sale-and-lease agreement arranged by the John Burnham & Co. Commercial Brokerage Division in cooperation with Page-Olson Realty. Vicorp plans to convert the oceanfront restaurant into its third San Diego-area Boat House Restaurant under the terms of the $650,000 sale and $2.31-million, 20-year leasehold agreement with Pacific Beach Co.

Shareholders of Irvine-based Rusty Pelican Restaurants Inc. on Monday overwhelmingly approved a previously announced merger plan with Vicorp Specialty Restaurants Inc. of San Diego. Separately, the company reported a $752,000 net profit for its 1987 fiscal year, a dramatic increase from the year-earlier net loss of $256,000. Sales for the year ended Aug. 2 rose 36% to $60.3 million from $59.8 million a year earlier. Under the $25.

Rusty Pelican Restaurants Inc. unanimously approved a $25.4-million cash buyout offer Wednesday from San Diego-based Vicorp Specialty Restaurants Inc., a privately held operator of 83 dinner houses. If Rusty Pelican shareholders approve the deal, VSR will pay $9 per share for 2.8 million shares of outstanding common stock. VSR would also assume $18.7 million in long-term debt and capitalized leases of the Irvine-based chain.