Thursday, August 31, 2006

Millenco Discloses 5.8% Stake in Ryan's Restaurant (RYAN), Continues to Review Proposed Merger

In a 13D filing on Ryan's Restaurant Group Inc. (Nasdaq: RYAN), Millenco, L.P. disclosed a 5.8% stake (2.4 million shares) in the company. In the filing, Millenco said it is continuing to evaluate its options with respect to the proposed merger with Buffets, Inc., which was announced on July 25th.

In July, Buffets, Inc. agreed to acquire Ryan's Restaurant in a cash transaction valued at approximately $876 million, including debt that will be assumed or repaid at or prior to closing. Ryan's shareholders will receive $16.25 in cash for each common share they own, which represented an approximate 45% premium over Ryan's closing share price on July 24th, the day before the announcement.

Shares of Ryan's Restaurant are flat at $15.80 in mid-day action Thursday.

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