Shareholders Foundation, Inc.

Benihana Inc. (NASDAQ:BNHN) Investor Alert: Buyout Under Investigation

An investigation on behalf of investors in NASDAQ:BNHN shares in connection with the takeover of Benihana Inc. was announced and NASDAQ:BNHN stockholders should contact the Shareholders Foundation.


San Diego, CA -- (SBWIRE) -- 05/29/2012 -- An investigation for investors in NASDAQ:BNHN shares concerning whether the offer to acquire Benihana Inc. at $16.30 per share and the buyout process are unfair to investors in NASDAQ:BNHN was announced.

Investors who purchased shares of Benihana Inc. (NASDAQ:BNHN) prior to May 22, 2012 and currently hold any of those NASDAQ:BNHN shares have certain options and should contact the Shareholders Foundation at mail(at) or call +1(858) 779 - 1554.

The investigations by law firms concern whether certain officers and directors of Benihana Inc. breached their fiduciary duties owed to NASDAQ:BNHN investors in connection with the proposed acquisition.

On, Tuesday, May 22, 2012, Benihana Inc. announced that it has entered into a merger agreement with funds advised by Angelo, Gordon & Co.'s ("Angelo Gordon") Private Equity Group in a transaction valued at approximately $296 million. Under the terms of the merger agreement, Angelo Gordon will acquire all of the outstanding shares of Benihana's common stock (NASDAQ:BNHN) for $16.30 per share in cash. Benihana Inc. said the $16.30offer represents a premium of 46% percent over the average closing share price for the 30 days ended March 13, 2012, at which time the Company announced that it was exploring strategic alternatives (including a possible sale of the Company), and an approximate 23% premium to the closing share price on May 21, 2012.

Following the takeover announcement shares of Benihana Inc. (NASDAQ:BNHN) jumped from $13.26 on Monday to $16.18 per share on Tuesday, May 22, 2012.

However, at least one analyst has set the high target price for NASDAQ:BNHN shares at $17.30 per share.

Furthermore, Benihana’s financial performance improved over the past years. Its Total Revenue rose from $295.19million for the 52weeks period ending on March 30, 2008, to $327.64million for the 52weeks period ending on March 27, 2011.

Therefore the investigation for NASDAQ:BNHN investors concerns whether the proposed transaction is unfair to Benihana Inc. stockholders. Specifically, the investigation focuses on whether the Benihana Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.

Those who are current investors in Benihana Inc. (NASDAQ:BNHN) and purchased their Benihana Inc. (NASDAQ:BNHN) shares prior to the announcement, have certain options and should contact the Shareholders Foundation.

Shareholders Foundation, Inc.
Trevor Allen
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739