Ark Restaurants Corp. ARKR today announced that its Board of
Directors has concluded, after careful consideration, including a review of
the proposal with its independent financial and legal advisors, that the
unsolicited proposal from Landry's, Inc. to acquire Ark Restaurants for $22
per share is inadequate, not compelling and not in the best interests of Ark
Restaurants shareholders.
Michael Weinstein, Chairman of the Board and Chief Executive Officer of Ark
Restaurants, said: “The Board believes that the proposal by Landry's
significantly undervalues the Company and its future prospects. In the Board's
judgment, Ark's shareholders will be better served by our experienced
management operating and growing our business.”
Duff & Phelps, LLC is serving as financial advisor and Fried, Frank, Harris,
Shriver & Jacobson LLP is acting as legal counsel to Ark.
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