Newport Beach restaurateur Anwar Soliman has withdrawn...

Newport Beach restaurateur Anwar Soliman has withdrawn his group’s $120-million, $20-per-share offer to acquire New York-based Restaurant Associates Industries. But the chairman and chief executive of American Restaurant Group said that he is reserving the right to submit a new offer if circumstances warrant. In a filing with the Securities and Exchange Commission, Soliman also said his investor group has sold 41,199 shares of Restaurant Associates, reducing its stake in the restaurant and newsstand operator to 7.3%, or 171,000 shares. Restaurant Associates’ directors have recommended shareholder acceptance of a management group’s tender offer at $18 per share.