Main Street Restaurant Group Agrees to Be Acquired by The Briad Group for $6.40 per Share in Cash
Main Street Restaurant Group, Inc. (NASDAQ: MAIN), the world's largest franchisee of T.G.I. Friday's restaurants, the owner and operator of the Bamboo Club -- Asian Bistro, the Redfish Seafood Grill and Bar restaurant concepts and operator of one Alice Cooper'stown restaurant, announced today that it has entered into a definitive agreement to be acquired by Briad Main Street, Inc., a wholly owned subsidiary of The Briad Group, for $6.40 per share in cash.
The Briad Group, located in Livingston, New Jersey, was founded by Mr. Bradford Honigfeld. In addition to being its sole shareholder and current CEO, Mr. Honigfeld also owns or controls approximately 2.2 million shares of Main Street Restaurant Group common stock. The Briad Group is currently an 18-unit T.G.I. Friday's franchisee and operates over 50 Wendy's fast food restaurants. The Briad Group also develops, constructs and operates limited service hotels (Marriott and Hilton).
Under the terms of the merger agreement, Main Street Acquisition Corporation, a wholly owned subsidiary of The Briad Group, will commence a cash tender offer for all of the outstanding shares of Main Street Restaurant Group at $6.40 per share. The tender offer is subject to a minimum tender condition of 90% of the outstanding Main Street Restaurant Group shares and other customary conditions, but is not subject to any financing condition. After the tender offer and the merger, Main Street Restaurant Group will become a wholly owned subsidiary of The Briad Group, a privately held entity.
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