Buffets Inc. to Buy Ryan’s for $876 Million
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Buffets Inc., owner of HomeTown Buffet, agreed to buy Ryan’s Restaurant Group Inc. for $876 million to create the largest U.S. buffet restaurant chain.
Ryan’s shareholders would receive $16.25 in cash for each share they own, 45% more than Ryan’s closing price Monday. The purchase price includes debt. The combined chain would have more than $1.7 billion in annual sales from 675 restaurants.
Eagan, Minn.-based Buffets, co-owned by senior management and private equity firm Caxton-Iseman Capital Inc., owns eateries mostly in the North and West. Greer, S.C.-based Ryan’s is concentrated in the South.
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