--LBO, then deport 'em.
Mexican Restaurants Inc. Announces Offer Received From Wyndcrest Holdings --
Business Editors
HOUSTON--(BUSINESS WIRE)--July 31, 2001--Mexican Restaurants Inc.
(Nasdaq:CASA) today received an offer to acquire the stock of the
Company from Wyndcrest Holdings, LLC ("Wyndcrest").
John Textor, managing member of Wyndcrest, is a former board
member of Mexican Restaurants Inc. The offer is valued by Wyndcrest at
$4.50 per outstanding share to be payable by ten-year income notes of
Wyndcrest bearing interest at 10.0% per annum (the "Wyndcrest Notes").
In addition, Wyndcrest would acquire the outstanding warrants of the
Company for $2.00 per share covered by such warrants, payable by
Wyndcrest Notes, and retire the Company's existing bank debt of
approximately $8.1 million. At July 31, 2001, the Company has
3,522,905 shares outstanding and there are outstanding Company and
shareholder warrants covering 855,706 shares.
Louis P. Neeb, chairman of the board, stated, "Speaking for the
Board and for myself, we appreciate Wyndcrest's interest, and have
asked our financial advisor, First Tennessee Securities Corporation,
to review the offer."
Mexican Restaurants Inc. operates and franchises 88 Mexican
restaurants. The current system includes 52 Company-operated
restaurants and 36 franchisee-operated restaurants. |
