Chronology of Bidding War for Restaurant Associates
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Aug. 26: Restaurant Associates Industries announces that its top executives plan to offer $14 a share to take the company private.
Sept. 3: Anwar Soliman makes an unsolicited bid of $16.50 a share for all Restaurant Associates’ common stock.
Sept. 4: Restaurant Associates says it will consider both offers.
Sept. 8: The management group raises its bid to $16 per share, and Soliman increases his offer to $19.
Sept. 9: Management withdraws its $16 offer, and the company says it is “continuing to explore” alternatives, including Soliman’s proposal.
Sept. 10: Soliman says Restaurant Associates directors reject his bid, 6 to 5, and accuses the board of a conflict of interest. He requests reconsideration of his proposal.
Sept. 11: The company denies it rebuffed Soliman’s takeover bid and threatens legal action against Soliman.
Sept. 12: Restaurant Associates accepts a sweetened management offer of $18 per share for all stock not owned by members of the buy-out group.
Sept. 14: Soliman says his $19 offer remains outstanding.
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