NEW YORK (Thomson Financial) - Max & Erma's Restaurants Inc. Monday said it
has agreed to be acquired by G&R Acquisition Inc. for $4 per share. This price
represents a premium of 35% to Friday's closing price at $2.92.
G&R Acquisition is an entity formed by Gary Reinert Sr. of Pittsburgh, Pa.
The company said the boards of both parties have unanimously approved the
transaction, and that certain of its principal shareholders, who collectively
own about 45% of the outstanding common stock, have agreed to vote in favor of
the cash deal.
Max & Erma's expects current management to remain in place following
completion of the acquisition.
Michael Baron
mb
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