Benihana National shareholders approve purchase of 17 Benihana of Tokyo restaurants.MIAMI--(BUSINESS WIRE)--May 1, 1995--Shareholders of Benihana Benihana Can refer to:
in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :BNHN, BNHNA), today approved a plan of reorganization under which the company intends to acquire 17 Benihana of Tokyo restaurants, four licensed Benihana of Tokyo restaurants, and the rights to the Benihana trademark and concept in the continental U.S., from the corporation personally owned by Rocky H. Aoki. Aoki is the company's founder and chairman of the board. As a result, the newly-formed public company will own or license 44 Benihana of Tokyo restaurants. The purchase price of the acquisition is approximately $6,150,000, consisting of $3 million in cash, $2 million in principal amount of a new class of convertible preferred stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". , $500,000 in common stock and a five-year promissory note promissory note, unconditional written promise to pay a certain sum of money at a definite time to bearer or to a specified person on his order. Promissory notes are generally used as evidence of debt. in the principal amount of $650,000. The acquisition does not include any non-U.S. rights to the Benihana trademark or concept and Aoki's corporation retains the existing Honolulu restaurant and rights to the concept in the state of Hawaii, except for Benihana National's Maui franchise. Shareholders of Benihana National will receive common stock and Class A common stock in the new holding company having identical rights and privileges to the corresponding shares currently held. "Today's action substantially expands the company's operating base and gives us a presence in new, high volume major markets including New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , Chicago and San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden ," Joel A. Schwartz, Benihana National president, said. Schwartz noted that closing of the transaction is contingent upon Adj. 1. contingent upon - determined by conditions or circumstances that follow; "arms sales contingent on the approval of congress" contingent on, dependant on, dependant upon, dependent on, dependent upon, depending on, contingent completion of new loan arrangements the company expects to conclude shortly. "We are excited about the potential for accelerated growth, increased profitability and greater operating efficiencies generated by the acquisition," he added. The company also announced that the first of its smaller restaurants, measuring 3,000 to 3,500 square feet, will open early this fall. A company-owned unit is scheduled for Sacramento, Calif., and a second one is under consideration in Boca Raton Boca Raton (bō`kə rətōn`), city (1990 pop. 61,492), Palm Beach co., SE Fla., on the Atlantic; inc. 1925. Boca Raton is a popular resort and retirement community that experienced significant industrial development in the 1970s and 80s. , Fla. Franchised facilities are planned for Modesto, Calif. and Aruba in the Caribbean. The Aruba franchisee also has rights to open similar restaurants on St. Maarten and Curacao. CONTACT: Benihana National Corp. Joel Schwartz, 305/593-0770 or Porter, Le Vay & Rose Inc. Hal Le Vay, 212/564-4700 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion