Former United States Securities and Exchange Commission attorney
and the securities litigation firm of
Powers Taylor, LLP
are investigating the sale of
(“Benihana” or “BNHN”) (NASDAQ: BNHN) to Angelo, Gordon & Co.’s Private Equity Group for shareholders. Under the proposed transaction, Benihana shareholders will only receive $16.30 in cash for each share of Benihana/BNHN stock owned, which is well below the $17.30 per share target price recently announced by at least one analyst, as well as the 52 week high of $16.59 per share.
If you are an affected investor, and you want to learn more about the lawsuit or join the action, contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at
, or Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 706-9314, or via email at
. There is no cost or fee to you.
The definitive merger agreement involves an all cash transaction with a total equity value of approximately $296 million.
According to shareholder rights attorney Willie Briscoe, “The investigation relates to the fairness of the proposed transaction to Benihana’s shareholders and whether the Board of Directors is adequately shopping the company in order to obtain the best possible price for the shareholders. Most notably, according to Yahoo! Finance, at least one analyst has stated that the true inherent value of Benihana/BNHN shares may be as high as $17.30 per share, which is well above the proposed acquisition price. Due to the lack of a significant premium to the shareholders and other factors, we believe that the transaction may undervalue Benihana/BNHN stock. Our lawsuit will seek to obtain the highest share price for all shareholders.”
The Briscoe Law Firm, PLLC
is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation and transactional matters.
Powers Taylor, LLP
is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.