By Greg Hazley
Financial PR firms are enmeshed in large deals in the restaurant sector this week, as an upscale eatery chain faces a hostile takeover bid and a bankrupt casual dining brand sells off a group of restaurants.
Joele Frank, Wilkinson Brimmer Katcher is working with McCormick & Schmick’s Seafood Restaurants as the chain reviews a hostile takeover bid by Landry’s Restaurants.
M&S, via the PR firm, said April 13 that it is reviewing the unsolicited offer valued at more than $173M. The restaurant has also hired proxy firm Mackenzie Partners.
Landry’s, controlled by LSRI Holdings and owner of a 10.1% stake in M&S, went public with its $9.25-per-share bid April 7 saying M&S’ management and board did not respond to communications. It set a deadline of May 6 for the offer, which is a 30% premium over M&S’ share price on April 1.
Joele Frank partner Matthew Sherman leads the M&S account.
On the other end of the culinary spectrum, Abernathy MacGregor Group is handling communications for Praesidian Capital, which got court approval April 11 to acquire 20 of the remaining restaurants from the bankrupt Charlie Brown’s Steakhouse chain for $9.5M. AMG senior counselor Rivian Bell works the Praesidian account.
Charlie Brown’s parent CB Holding filed for Chapter 11 protection in November and soon closed 47 of its eateries. Kekst and Company has worked with CBH through that process and the sale of other units, including 12 bugaboo Creek Steak House restaurants and seven Office Beer Bar & Grills.
|