Skip navigation

Buca acquisition moves forward

ORLANDO Fla. Planet Hollywood International Inc. said it has completed the initial steps of its tender offer to acquire Buca Inc. in a $9.7 million deal.

Asubsidiary of Planet Hollywood, Buca Financing LLC, offered 45 cents for each Buca share. As of Tuesday, about 18.01 million shares, or about 84 percent of total Buca shares outstanding, had been validly tendered. On Wednesday, Buca Financing began a subsequent tender offer, which is set to expire Friday, to acquire all remaining Buca shares.

“With the purchase of shares in the tender offer, Planet Hollywood will have sufficient voting power to approve the merger without the affirmative vote of any other Buca shareholder,” the company said in a statement.

When the merger is finalized, Buca will become a wholly owned subsidiary of Planet Hollywood and will cease to trade on the Nasdaq exchange.

Minneapolis-based Buca operates 88 Buca di Beppo Italian dinnerhouses. Planet Hollywood, which is based in Orlando, owns a namesake resort and casino in Las Vegas, at least 18 namesake casual-dining restaurants worldwide, and additional retail and gaming operations.

Hide comments

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish