Bisco Extends Offer for Steak Houses
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ORANGE — Bisco Industries Inc. said Monday that it has extended to June 13 its cash tender offer for up to 2.6 million shares of Family Steak Houses of Florida Inc.
In a press release, Bisco said 2.4 million shares had been tendered under the 90 cents-a-share offer as of May 23. The Family Steak Houses board has urged shareholders to reject the Bisco offer as too low.
Bisco, a distributor of fasteners and electronic components, is also trying to repeal a Family Steak Houses poison pill adopted since Bisco began its hostile takeover bid. Family Steak Houses operates Ryan’s Family Steakhouse franchises in Florida.
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