A win/win situation?
Friday February 13, 8:12 pm Eastern Time
Bertuccis says to bought by executives
WAKEFIELD, Mass., Feb 13 (Reuters) - Bertuccis Inc, a chain of Italian restaurants, said late on Friday that it has agreed to
be bought by a group of investors led by the company's founder, president, and chief executive officer Joseph Crugnale.
Under the terms of the deal, the investor group will pay stockholders $8 for each of their shares.
At the end of the company's fourth quarter on December 27, 1997, it had 8,963,715 shares outstanding, putting the value of
the deal at $71.7 million.
Bertuccis stock closed at $6 a share on the Nasdaq on February 12.
The company said in a statement that the investors had secured financing for the deal from BancBoston Securities Inc ,
BankBoston N.A.(BKB - news), and Fleet National Bank.
Bertuccis said the deal is still subject to shareholder and regulatory approval.
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Does this mean that if you buy now, that a shareholder is guaranteed at least $8 per share? Also, does a person have to be a stockholder of record by a certain date? What is the usual time frame if the sale goes through? What are the chances that shareholders who have already been holding this for a long time waiting for growth, can STOP this deal from going through? And if so, how would that affect the current price of $6? |
