Benihana Inc. Announces Summary Judgment Related to Pending Litigation By Former Haru Minority Shareholders Has Been Granted ...
March 08 2010 - 4:45PM
Business Wire
Benihana Inc. (NASDAQ: BNHNA; BNHN), operator of the nation’s
largest chain of Japanese theme and sushi restaurants, today
announced that its motion for summary judgment in the pending
litigation against it brought by the former minority shareholders
of the Company’s Haru operating segment has been granted in all
material respects.
In 2005, the minority shareholders exercised a put to sell their
20% interest in Haru to the Company at a price to be determined in
accordance with a contractual formula. Under a decision issued by
Judge Buchwald of the United Stated District Court for the Southern
District of New York on March 5, 2010, the price required to be
paid by the Company. for the acquisition of the 20% interest would
be approximately the same $3.7 million originally calculated by the
Company. Judge Buchwald’s decision will become final on April 6,
2010 unless the plaintiff’s file an appeal prior to such date.
Darwin C. Dornbush, Chairman of the Board of Directors, said,
“We are gratified with the court’s decision and look forward to
putting this long running dispute behind us.”
About Benihana
Benihana Inc. (Nasdaq: BNHNA - News) (Nasdaq: BNHN - News)
operates 98 restaurants nationwide, including 64 Benihana
teppanyaki restaurants, nine Haru sushi restaurants, and 25 RA
Sushi Bar restaurants. Under development is one Benihana teppanyaki
restaurant. In addition, 23 franchised Benihana teppanyaki
restaurants are operating in the U.S., Latin America and the
Caribbean.
To learn more about the Company and its three Japanese theme and
sushi restaurant concepts, please view the corporate video at
www.benihana.com/about/video.
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