UPDATE: Ark Restaurants Board Rejects Landry's Bid

Ark Restaurants Corp. (Nasdaq: ARKR) today announced that its Board ofDirectors has concluded, after careful consideration, including a review ofthe proposal with its independent financial and legal advisors, that theunsolicited proposal from Landry's, Inc. to acquire Ark Restaurants for $22per share is inadequate, not compelling and not in the best interests of ArkRestaurants shareholders.Michael Weinstein, Chairman of the Board and Chief Executive Officer of ArkRestaurants, said: “The Board believes that the proposal by Landry'ssignificantly undervalues the Company and its future prospects. In the Board'sjudgment, Ark's shareholders will be better served by our experiencedmanagement 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.