Landry's Offers to Acquire Ark Restaurants for $22.00/ Share
Landry's announced that it has sent a letter to Ark Restaurants Corp. (NASDAQ: ARKR) proposing to acquire Ark in a negotiated transaction for $22.00 per share, which represents a 22% premium to Ark's closing price on February 6, 2013. A copy of the letter is set forth below.
February 6, 2013
Via Facsimile and Email
Mr. Michael Weinstein Chairman of the Board and Chief Executive OfficerArk Restaurants Corp.85 Fifth Avenue New York, New York 10003
We are writing to advise you that Landry's, Inc. ("Landry's") 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, we