A lawsuit was filed for investors in NASDAQ:BNHN shares in effort to stop the proposed takeover of Benihana Inc. and NASDAQ:BNHN stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 06/04/2012 -- An investor in NASDAQ:BNHN shares filed a lawsuit against directors of Benihana Inc. in effort to block the proposed takeover at $16.30 per NASDAQ:BNHN share.
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)shareholdersfoundation.com or call +1(858) 779 - 1554.
According to the complaint the plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:BNHN investors arising out of the attempt to sell the company too cheaply and via an unfair process..
On, 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.
However, the plaintiff claims that the $16.30offer undervalues the company and is unfair to NASDAQ:BNHN investors. In fact, 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.
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.
3111 Camino Del Rio North - Suite 423
92108 San Diego