Dave & Buster's, Inc. Enters into Memorandum of Understanding to Settle Class Action Lawsuit
February 14 2006 - 5:06PM
Business Wire
Dave & Buster's, Inc. (NYSE:DAB), a leading operator of upscale
restaurant/entertainment complexes, announced today that it entered
into a Memorandum of Understanding setting forth the terms of a
proposed settlement with the named plaintiff of a purported class
action lawsuit filed on January 20, 2006 that opposed the Company's
planned merger with an affiliate of Wellspring Capital Management.
The proposed settlement is conditioned upon the consummation of the
merger, the execution of a definitive settlement agreement, and
court approval. The settlement will extinguish all claims for any
alleged violation of fiduciary duty, including all claims relating
to the adequacy of disclosure, and all claims related to the value
to be paid for the Company's common stock in the proposed merger.
In connection with the settlement, the Company has commenced the
circulation to its stockholders of a supplement to the Company's
January 25, 2006 proxy statement. The supplement contains
additional disclosures regarding the merger. The Company's special
meeting of stockholders to vote upon the merger will be held on
February 28, 2006. Celebrating over 23 years of operations, Dave
& Buster's was founded in 1982 and is one of the country's
leading upscale, restaurant/entertainment concepts with 46
locations throughout the United States and in Canada. More
information on the company, including the latest investor
presentation is available on the company's Website,
www.daveandbusters.com. "Safe Harbor" Statement under the Private
Securities Litigation Reform Act of 1995: Statements in this press
release regarding Dave & Buster's business which are not
historical facts are "forward-looking statements" that involve
risks and uncertainties. For a discussion of such risks and
uncertainties, which could cause actual results to differ from
those contained in the forward-looking statements, see "Risk
Factors" in the company's Annual Report or Form 10-K for the most
recently ended fiscal year.
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