Merger Approved for Rusty Pelican

Directors of Rusty Pelican Restaurants unanimously approved a $25.4-million cash buyout offer Wednesday from Vicorp Specialty Restaurants, a privately held operator of 83 dinner houses.

San Diego-based VSR would pay $9 per share for the 2.8 million shares of Rusty Pelican common stock outstanding and assume $18.7 million in long-term debt and capitalized leases of the Irvine-based Rusty Pelican chain.

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