Benihana to Be Acquired by Angelo, Gordon & Co.'s Private Equity Group for $16.30 Per Share in Cash

Benihana Inc.

today announced that it has entered into a definitive merger agreement with funds advised by Angelo, Gordon & Co.'s Private Equity Group in a transaction valued at approximately $296 million. Under the terms of the merger agreement, which has been approved by the Company's Board of Directors, Angelo Gordon will acquire all of the outstanding shares of Benihana's common stock for $16.30 per share in cash. This represents a premium of 46% percent over the average closing share price for the 30 days ended March 13, 2012, at which time the Company announced that it was exploring strategic alternatives (including a possible sale of the Company), and an approximate 23% premium to the closing share price on May 21, 2012. The transaction will result in Benihana becoming a private company.