Benihana Investor Sues To Nix $296M Angelo Gordon Buyout

Law360, New York (May 25, 2012, 6:44 PM EDT) -- A Benihana Inc. shareholder on Thursday hit the restaurant chain with a putative class action in Delaware Chancery Court seeking to derail the chain's proposed $296 million sale to New York-based private equity firm Angelo Gordon & Co.

In the complaint, stockholder Michele Sabittini seeks to block consummation of the deal announced Tuesday by the Japanese-themed restaurant.

Under the terms of the buyout, alternative investment advisory firm Angelo Gordon had agreed to acquire all outstanding shares of Benihana for $16.30 per share in cash. Once the...
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