The law firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty to current shareholders of Benihana Inc. (NASDAQ: BNHN) (“Benihana”) and other violations of state law by the board of directors of Benihana relating to the proposed buyout of the company by funds advised by Angelo, Gordon & Co.’s (“Angelo Gordon”) Private Equity Group. The firm’s investigation seeks to determine, among other things, whether the board breached its fiduciary duties by failing to maximize shareholder value. On May 22, 2012, Benihana announced that it had entered into a definitive merger agreement providing for Angelo Gordon to acquire Benihana for approximately $296 million. Under the terms of the buyout transaction, Benihana shareholders will receive $16.30 for each share of Benihana common stock held. However, according to Yahoo! Finance, analysts have set a mean price target of $17.30 per share. If you currently own shares of Benihana and would like to learn more about the investigation being conducted by Brower Piven, you may email or call Brower Piven, who will, without obligation or cost to you, attempt to answer your questions. You may contact Brower Piven by email at firstname.lastname@example.org, by calling (410) 415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and other class action cases of over 60 years.
Shares of Benihana (Nasdaq:BNHN) have taken a tremendous swing upward. The stock is trading at $16.15 as of 10:05 a.m. ET, 21.4% above Monday's closing price of $13.30. Volume is at 1.7 million, 31.1 times the daily average of 55,900.
Shares of Benihana (Nasdaq:BNHN) were gapping up Wednesday morning with an open price 16.7% higher than Tuesday's closing price. The stock closed at $14.22 yesterday and opened today's trading at $16.59.