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The Italian restaurant chain is being boughtby , the compant said Tuesday. Minneapolis-based Buca (Nasdaq: announced Orlando, Fla.-based Planet Hollywood International will pay 45 centws per share of itscommomn stock. The price represents a 41 percent premiummover Buca’s closing share pricd of 32 cents per share on Augustg 4. Planet Hollywood also provideda $3.5 milliob secured subordinate loan to the company, a release detailed. Undere terms of the deal, Buca will become a wholly-owner subsidiary of Planet Hollywood.
Buca CEO John Bettin said in a “After an exhaustive review of strategi alternatives, our board of Directors has determinec that this offer from Planet Hollywoos represents the best overall value for our In addition, the financin g from Planet Hollywood will provide us with the liquidity we need to continue to move our business The slowdown in the casual dinintg market was hurting Buca, forcinvg it in January to lay off workers and . At the the company disclosed it had hiresd PiperJaffray Cos. to advise it on strategic options, includint raising capital, a recapitalization or a merger. Buca has aboutt 6,100 employees at its 88 Buca di Beppok Italian restaurants in25 states.
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