BUCA Selling to Planet Hollywood (BUCA)
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So much for thinking the consolidation in small restaurant chains is over, albeit this is a tiny deal. BUCA, Inc. (NASDAQ: BUCA), the owner and operator of Buca di Beppo, has announced that it has signed a definitive agreement with Planet Hollywood International where a subsidiary will seek to acquire all of the shares of BUCA, Inc. at a price of $0.45 per share of common stock.
This represents a 41% premium over yesterday’s price and will be effected through a tender
offer, followed by a merger of BUCA, Inc. with a wholly-owned subsidiary of Planet Hollywood.
As of March 31, BUCA operated 89 restaurants. BUCA’s 52-week tradingrange is $0.28 to $3.48, and share prices used to be significantlyhigher.
Jon C. Ogg
August 5, 2008
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