Benihana, the Miami-based interactive dining chain, is being acquired by private equity group Angelo, Gordon, and Co.'s., in a deal that will take the publicly-traded restaurant company private.
According to NASDAQ.com, Angelo, Gordon, and Co.'s will pay $16.30 per share in cash, approximately $296 million, to complete the transaction. Benihana stock is currently traded on the NASDAQ exchange, and closed at $16.13 per share yesterday.
The deal is still subject to regulatory and shareholder approvals and Benihana has until July 1 to consider any other third-party offers, but analysts state that a deal is imminent. Benihana has been considering buyers since 2010.
In 1964, Rocky Aioki opened the first Benihana of Tokyo in New York
City. The restaurant, which featured teppan-yaki cooking by chefs
trained in dazzling knife skills, struggled for the first six months
until a positive review by the New York Herald-Tribune made it popular.
Benihana has over 50 locations in the United States, Latin America, and
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RA Sushi and Haru restaurant chains. Kevin Aioki, the eldest son of Benihana's founder, owns the popular Doraku Sushi chain. Benihana sold Doraku to Kevin in 2006.