mudturtle
16 years ago
BUCA, Inc. Announces Entry into Definitive Agreement to Be Acquired by Planet Hollywood International, Inc.
Tuesday August 5, 12:50 pm ET
MINNEAPOLIS--(BUSINESS WIRE)--BUCA, Inc. (NASDAQ: BUCA - News) today announced that it has signed a definitive agreement with Planet Hollywood International, Inc. (“Planet Hollywood”) under which an acquisition subsidiary owned by Planet Hollywood will seek to acquire all of the shares of BUCA, Inc. at a price of $0.45 per share of common stock. This price represents a premium of 41% over the closing share price of $0.32 per share on August 4, 2008. The transaction will be effected through a tender offer, followed by a merger of BUCA, Inc. with a wholly-owned subsidiary of Planet Hollywood.
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In connection with the signing of the acquisition agreement, Planet Hollywood has also provided a $3.5 million secured subordinate loan to BUCA, Inc.
“After an exhaustive review of strategic alternatives, our Board of Directors has determined that this offer from Planet Hollywood represents the best overall value for our shareholders. In addition, the financing from Planet Hollywood will provide us with the liquidity we need to continue to move our business forward. We believe that this transaction provides a bright future for our unique brand and for our many employees nationwide,” said BUCA, Inc. President and Chief Executive Officer John T. Bettin.
Robert Earl, President, Chief Executive Officer and founder of Planet Hollywood commented “We are delighted to welcome Buca di Beppo to the Planet Hollywood family as part of our ongoing strategy to introduce new brands into our restaurant group while simultaneously expanding our lodging and casino operations.”
The BUCA, Inc. Board of Directors unanimously approved the offer from Planet Hollywood and is recommending that BUCA, Inc.’s shareholders tender into the offer. Under the terms of the agreement, the tender offer is expected to commence no later than August 12, 2008 and to remain open for 20 business days. Consummation of the transaction requires the tender of at least a majority of the outstanding shares in the tender offer and other customary closing conditions.
About BUCA, Inc.
buhg1b
16 years ago
Old country road shifts into overdrive
New developments sprouting along Milwaukee Avenue
By Jeffrey Steele | Special to the Tribune
May 2, 2008
Decades before it was a corporate corridor, a restaurant mecca or automobile dealership row, Milwaukee Avenue from Wheeling north was a ribbon of quiet country road.
After World War II, Chicagoans would pile the kids in the family sedan and drive up Milwaukee Avenue past forests and farms, deep into the heart of Lake County for Sunday afternoons of fresh air and open spaces. Only after supper at a rural roadhouse would they wearily motor back to the teeming urban enclaves they called home.
But that was long ago, and many current residents would argue there isn't room for another house along the highway. But single-family homes, townhomes and condominiums continue to sprout on the remaining open land. The newest developments along or near bustling Milwaukee Avenue are turning to the past for inspiration. They are being designed to encourage walking and limit car trips up and down the avenue.
"When it's nice out, I put my daughter in the stroller and we walk around," said Kelly Pryor, who with her husband, Dan, and their daughter moved to Waterbury Place in Buffalo Grove a little more than a year ago.
The development stands on a 31-acre site formerly occupied by a light industrial firm at Illinois Highway 22 and Waterbury Lane, just west of Milwaukee Avenue.
"There are ducks, geese and flowers around that she likes to look at," added Pryor. "And the Metra [commuter station] is right near us, so we can hop on the train and go downtown real easily." We can also walk to another community that has a park."
When the Pryors and other newcomers do get behind the wheel, they can reach restaurants, stores, entertainment and recreation with a short drive. Retail centers like Lincolnshire Commons and Rivertree Court beckon shoppers. Gourmands love Wheeling's restaurant row, featuring Tuscany, Benihana, Buca di Beppo, Don Roth's Blackhawk and more. And jazz lovers swear by Pete Miller's.
"Everything is pretty convenient," said Pryor. "In terms of shopping, everything you need is within five miles."
When complete, Waterbury Place will offer 156 single-family homes, duplexes, townhomes, rowhomes and villas. The two- to four-bedroom, 2 to 21/2-bath homes with attached garages are priced from the $360,000s to mid-$800,000s, says Jeanne Martini, director of sales and marketing for Glenview-based Edward R. James Homes.
A little south of Waterbury Place is Willow Place, a development of 58 townhomes at Foster and Old Willow Roads in Wheeling. It's the first development for a Chicago-area builder with a long history in Wheeling: Chicago-based Lexington Homes.
In its previous life, the company built Lexington Commons and Lexington Club in the 1970s and '80s, says Jeff Benach, executive vice president of sales and marketing.
The first company known as Lexington Homes was sold to another firm in 1989, after which Benach and colleagues launched Concord Homes. After selling Concord Homes to Lennar in 2002, the same group founded the new Lexington Homes in 2006.
At Willow Place, the three-bedroom, 21/2-bath townhomes range from 1,789 to 2,012 square feet and are priced from $349,900 to $399,900. Residents there enjoy transportation conveniences, because Willow Place is just three miles west of I-294 and less than a mile from the Prospect Heights station on Metra's North Central line.
"I drove by the station one night, and about a third of the parking lot was empty," Benach marvels. "I was shocked. When did you last see a Metra parking lot that wasn't full? Only time I can think of is midnight."
Transportation convenience is just part of the appeal of a Willow Place home, Benach added.
"Wheeling has had such a renaissance over the last couple of decades, in terms of its entire feeling," he said. "Much of it has had a resurgence in housing."As Milwaukee Avenue continues north, it slices through the formerly wide-open spaces of Vernon Hills. Just west of Milwaukee along the east side of U.S. Highway 45 is Port Clinton Place, a development of 47 three-level rowhomes and 132 single-level condos.
Developed by Rosemont-based Opus North Corp., Port Clinton Place is part of a $125 million, 20-acre mixed-use redevelopment on Vernon Hills' far southeast side. The one-bedroom-plus-den to three-bedroom condos range from 1,036 to 2,187 square feet, with prices starting in the mid $200,000s.
Rowhomes range from 2,028 to 2,464 square feet, feature three bedrooms, 21/2 baths and attached rear-loaded two-car garages, and are priced starting in the mid $400,000s, said Matt Nix, senior real estate director for Opus North.
Also in Vernon Hills but farther north on Milwaukee Avenue stands River's Edge Condominiums, a striking five-story stone structure graced by corner turrets and lovely balconies.
This 40-unit development has 10 condos remaining, ranging from two-bedroom, two-bath units of 1,600 square feet to three-bedroom, 21/2-bath models at 2,325 square feet. Prices range from $349,999 to the $540,000s. Another building mirroring the first will be built to the east of the existing structure in 2009.
As attractive as the building itself is the wooded acreage bordering the property. River's Edge Condominiums by Weiss Development of Lincolnshire is just a few seconds from shopping centers and restaurants, but at the same time removed from them. "We're surrounded by two forest preserves, and protected Lake County property on three sides," said David Schwartz, new home sales adviser. "This is a hidden oasis. It's the community itself, surrounded by miles and miles of trails that will take you along the Des Plaines River."
Drive still farther north to Libertyville, you will find Northbrook-based Ferris Homes is in its second phase of construction on a development called Liberty Grove, at Milwaukee Avenue and Illinois Highway 137.
Complementing a first phase of 25 townhomes finished about two years ago, Ferris is now building 18 single-family homes.
"We have a handful of lots available where you can build from scratch," said Pam Albrecht, the company's vice president of sales and marketing. "We also have 'Designer Showcase' homes, completed but pre-drywall with no color selections, giving buyers the chance to make their own determinations."
Floor plans of each home are unique from all others, Albrecht said. And though it's a custom home community, Liberty Grove offers model homes to walk through. "You can try those on and get a feeling for the quality and floor plans, and that's hard to do with just a blueprint," she added.
Interstate 294 is a three- or four-minute drive east, and Metra trains serve Libertyville's nicely preserved historic downtown, Albrecht said. Liberty Grove residents Ruchi Seth and her husband, Ashim, had a custom single-family home with four bedrooms and 41/2 baths built last year. They liked the proximity to their workplaces in Libertyville and Lincolnshire, as well as the open space and landscaping offered by the community.
"They kept spaces for greenery, and that beautifies the whole area," Ruchi Seth said. "It's a very nice area to just walk around in. And Independence Grove is right across the street, so it's easy for us to bicycle to the forest preserve."
buhg1b
16 years ago
Hooters ..
Tuesday, March 11, 2008
Chanticleer Holdings to buy 22 Hooters restaurants
Charlotte Business Journal
A local investment company has agreed to buy 22 Hooters restaurants for $55.1 million in stock from Hooters Inc. and Hooters Management Corp.
Charlotte-based Chanticleer Holdings Inc. (OTCBB:CEEH) will have to convert from its status as a business-development company to an operating company before closing the transaction.
The closing is subject to Chanticleer raising the necessary debt and equity financing, the company says in a written statement.
Hooters was founded in 1983. In 1984, the company licensed Neighborhood Restaurants of America, now known as Hooters of America Inc., owned by a separate group of shareholders, to be its exclusive licensee in the development and expansion of its restaurant business.
In 2001, Hooters sold most of the Hooters trademarks and other related proprietary rights to Hooters of America. Florida-based Hooters, though, held on to certain rights, including a perpetual irrevocable license agreement with greatly reduced royalties. It also operated restaurants in certain territories. Chanticleer will buy those rights as a part of the transaction.
Chanticleer has an existing relationship with Hooters of America as the lead investor in a $5 million, 6 percent convertible three-year promissory note to Robert Brooks, the former chairman of Hooters of America.
Chanticleer was also granted a right of first refusal and a right to match any equity financing proposed to or sought by Hooters of America. Chanticleer holds an option agreement with Hooters of America to open Hooters franchises in the Republic of South Africa.
The entire Hooters system has 433 restaurants in 28 countries. The transaction does not include the Hooters Casino Hotel in Las Vegas.
Chanticleer Holdings is based in the SouthPark area off Barclay Downs. The company is a closed-end investment firm that that targets privately held or small- or micro-cap publicly traded companies.
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Hooters sold assets for ~$2M per restaurant therefore BUCA with 89 restraurants should be worth ~$180M. If we discount for debt and other obligations, BUCA should still be worth at least $95M or approx $4.50 per share. All imho, dyodd, glta.
buhg1b
16 years ago
KQED
A California television show recently featured Buca...
http://blogs.kqed.org/food/2007/10/26/buca-di-beppo-reviews/
Name: Helen
Occupation: Consumer Services Manager and Sausage Maker
Location: San Francisco
Favorite Restaurant: Buca di Beppo
Reviewed Buca di Beppo: Wednesday May 30, 2007
The taxi ride from the Embarcadero to Buca di Beppo opened the door to my adventurous evening. Halfway there, the cab driver politely explained that he had just stolen the cab and told us not to worry about what the meter says, he’ll let us know how much money it would cost. We laughed, but he laughed even louder — uh, scary. He drove so fast, and he told us to hold on because he was checking out the tires. Boy, was I glad when we got out of that and stepped into the very lively reception area of Buca. The bar was even more animated, but we had reservations and only waited about three minutes to be seated. I don’t know what color the walls are in that place because every square inch of space is covered with pictures of everything Italian — I mean popes, Sophia Loren, Joe DiMaggio, beauty queens, and the Vatican. I feel absolutely at home at Buca, it’s like the inside of my head; just full of random stuff everywhere. Actually, the only thing that will distract you from the wacky, overwhelming, “Oh my God, will you please look over there” decor will be the food. It looks like an amusement park for food.
Let me tell you about the garlic bread: it’s the best “pizza” I’ve had in San Francisco. I mean, it’s thick and cheesy with fresh garlic and just wonderful. The bread arrived first with the antipasto salad, which was so scrumptious, I was thinking to myself, “If they can make a salad taste this good I’m gonna loose my mind when the real food comes out.” We had a choice of small and large dishes, so we choose the small, which turned out to be more than enough. I mean, they said “family style,” but they meant extended family servings; they were huge, I’d hate to see what a large plate looks like. There were quite a few of us, so we ordered manicotti, ravioli, stuffed shells, penne pasta, meatballs, shrimp and pasta, chicken cannelloni and chicken Marsala. The dishes with the cream sauces were excellent and the pasta with red sauce — like penne and shrimp fra diavolo — were exactly as described: robust and full of flavor. When our food arrived shortly after we ordered, we went to town. We were determined to conquer every dish, but there was so much food I was ready to hold up a white flag. And finally the meatballs came. Oh my God, where did they get the recipe? From the Flinstones? They were so huge, they were like the size of Cincinnati. We were so full from our multiple entrees that when they approached our table with four of those huge cannonball-looking meatballs, all we could do was scream, “Oh no, go away, they look like they could eat us.”
This is not the place for a quiet dinner, this is the place to go and celebrate anything and everything with lots of fun people. And the rules on dining etiquette were lost on the stairs leading to their top floor.
Marcia Kerwit
Name: Marcia
Occupation: Chi Gung and Tai Chi Instructor
Location: Oakland
Favorite Restaurant: Da Lian
Reviewed Buca di Beppo: Sunday, June 3, 2007
When I looked the place up online and saw it was a chain, I was somewhat apprehensive about both the food and the ambience. But that dissolved while I was still outside the front door and smelled the garlic and then stepped inside and saw the decor. The place is fun, and the food was great. The biggest problem was that I went with only one other person. The portions are gigantic, even the ones marked “small” and we couldn’t even finish the Caesar salad. We’d ordered the baked ravioli and a side of green beans, but when I saw the salad, I asked if I could cancel the string beans, which they graciously did. The ravioli were large, which I like, so there’s lots of filling in proportion to pasta, and the ricotta was offset by a wonderful tomato sauce that they somehow manage to make both foreground and background. We actually finished the ravioli, and I continued eating the sauce — very addictive. I could have left then, but decided I had to try the tiramisu, since they said I could take the leftovers home (there’s only one size…). The rum-soaked ladyfingers are really rummy…the whole thing works. Everything there is big, including the serving utensils, and the tiramisu comes with a serving spoon that could stir a stock pot full of sauce. I’ll enjoy bringing the rest of it to work tomorrow and wowing the staff.
I hadn’t made a reservation, thinking that dining early would mean a pretty empty restaurant. Au contraire. The place was filled. There was a high school graduation party with about 50 folks, and many tables of 10-12 people. We only had to wait about 10 minutes for a table. And, although parking on a Sunday downtown could be a challenge, there seemed to be a lot of coming and going, and we got a spot about a block away. It’s a great place to bring kids and grandma and grandpa. There’s a bar on the street level, and the two dining rooms are upstairs and in the basement (there’s an elevator).
The entire staff was in motion all the time, but no one seemed frazzled or grumpy while they were carrying loads of clean dishes, dirty dishes, waiting tables, etc. Our waitron was patient, attentive, and very kind.
I would love to go back with a group, so we could order the large platters I saw going by that had pasta, mussels, and who knows what else… I saw the stuffed pasta shells on another table and they looked wonderful. I recommend this place and I think everyone could find something they’d like. But anyone who has a hearing loss and depends on hearing aids might have a hard time with the noise level — it’s hard to have a conversation across the table. I felt happy the whole time I was there, which probably explains ordering the tiramisu.…And a man at the next table had a birthday and they brought a dessert plus a large (of course) candelabra with three big red candles to blow out. They just have a knack for making everything a little quirky and totally amusing. I’m also wondering if the other locales do it the same way.
Lou Kostura
Name: Lou
Occupation: Airplane Mechanic and Horse Enthusiast
Location: Belmont
Favorite Restaurant: The Mountain House Restaurant
Reviewed Buca di Beppo: Monday, May 21, 2007
Two companions and myself went to Buca Di Beppo in San Francisco for lunch. I was excited to try Buca’s, as I’d heard about it from a few people. The experience was terrible. It started with parking and deteriorated from there. $15.00 to park for one hour in a lot, as there was no street parking available at this time of day.
We entered the restaurant to find no one at the hostess station, waited five minutes to even see a person. The hostess showed up, asked the usual, “How many people?” We told her three. She asked if we wanted a table or booth. We specified table, she searched the computer for an available table. She took another 5 minutes to do this, which we found strange, since, when we were taken downstairs, we only saw two other people in the room. We were promptly seated at a booth and not at a table as requested.
The waiter was slow to arrive at our table, and was pretty scarce during the whole stay. Our order was taken. We ordered soft drinks, which were actually brought over fairly promptly and then ordered lunch. We started with the fried calamari that the menu said was a share item (one of my companions had never tried it before). It arrived, and I was totally disappointed as the calamari was overcooked, extremely greasy, and a very small portion for $11.00. I told my friend that this was not how calamari was supposed to be prepared.
I ordered a Caesar salad with my entrée, and I found that the amount of anchovies in the dressing to overpowered the whole salad. Plates were not cleared before the entrees were brought over.
My two companions ordered 1) spaghetti and meatballs, that turned out to be meatball (singular) and was told the pasta was dry and flavorless, and 2) fresh salmon with pesto. It was a very small portion of salmon that was overcooked with some overcooked vegetables on the side. I ordered the penne arrabbiata served with fennel sausage. The penne was also dry with little flavor. The pasta portions were good size, just not very good flavor.
The decor was kind of like being in a junkyard, not an inch of wall space uncovered. The Italian music in the background would have been nice if the gentleman sitting in the booth behind us using his cell phone to conduct business all during lunch would have not talked so loud that they could have probably heard him without the phone.
After another long wait just to get the check we left, all with the same comments. “Glad we didn’t pay the extra money for a dinner here to be this disappointed.” Lunch was expensive and not worth the money.
I said to my companions that I would not be returning, they concurred. There are too many other chain Italian restaurants around with better quality to go back to Buca’s if you want the products of a chain restaurant.
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