Benihana Going Private in Buyout Deal
Publicly traded Benihana, known for teppanyaki cooking by chefs that dazzle diners with their knife-handling skills, is being acquired by Angelo, Gordon, and Co.’s. The deal between this restaurant chain and the private equity group is still subject to regulations and approval of its shareholders. Benihana has until July to consider other offers. Analysts told MiamiNewTimes.com that it is almost a done deal. NASDAQ.com reports that Benihana shareholders will be paid almost $300 million at $16.30 per share. Benihana opened in New York in 1964 and became popular because of the positive review that appeared in New York Herald-Tribune. It now has over 50 locations around the globe.
Benihana is going private.
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 the Caribbean, with three Miami-area restaurants. Benihana also owns the 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.
Photo by Cranker