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Restaurant chain Benihana to be taken private in $296 million transaction
MIAMI (AP) ' Restaurant chain Benihana Inc. has agreed to be taken private in a deal worth about $296 million.
Benihana, which serves Japanese food and sushi and has 95 restaurants, had announced in March that it was exploring strategic options, including a potential sale.
The company said Tuesday that buyer is Angelo, Gordon & Co.'s Private Equity Group.
Benihana says that its stockholders will get $16.30 per share, which is a 23 percent premium to its Monday closing price of $13.30.
Benihana's board has approved the transaction, but it needs the approval of a majority of the Miami company's shareholders.
Shares of Benihana jumped $2.87, or 21.6 percent, to $16.17 in morning trading.