UPDATE: Ark Restaurants Board Rejects Landry's Bid
Ark Restaurants Corp. (Nasdaq: 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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