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Benihana Incorporated
Benihana restaurant company taken private for $296 million
Benihana restaurant company taken private for $296 million

Benihana Inc., the Japanese-style and sushi restaurant company known for slicing, dicing and frying food in front of diners, will be sold to a private equity group for $296 million. Angelo, Gordon & Co. plans to pay Benihana shareholders $16.30 per share in cash in a transaction that’s been approved by the Miami-based chain’s board. But Benihana shareholders must also approve the acquisition. That’s a premium of 46% over the average closing price for the 30 days before March 13, when Benihana first said it was exploring strategic alternatives for its business. Its buyer’s offer is 23% above Monday’s closing price of $13.30. The company’s stock is...

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