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Landry's Inc Announces Offer To Acquire Ark Restaurants Corp

Wednesday, 6 Feb 2013 10:05pm EST 

Landry's Inc announced that it is prepared to enter into negotiations to acquire all of the outstanding capital stock of Ark Restaurants Corp. (Ark or the Company) for $22.00 per share in cash, which represents a 22.0% premium to the closing price of the Company's common stock on February 6, 2013, a 28.5% premium to the average closing price over the past 30 days and a 31.5% premium to the average closing price over the past 90 days. Given this significant premium and the thin trading market for the Company's stock, which had an average daily trading volume of 3,921 and 4,125 shares over the past 30 days and 90 days, respectively, the Company believe this proposal would provide Ark's stockholders immediate liquidity and an immediate opportunity to maximize their investment in the Company. Landry's already has the cash available to it through its parent company, Fertitta Entertainment, Inc. 

Company Quote

-0.26 -1.16%
28 Aug 2014