Millenco Raises Stake in Takeover Target Ryan's Restaurant (RYAN) To 8%
In an amended 13D filing on Ryan's Restaurant Group Inc. (Nasdaq: RYAN), Millenco, L.P. disclosed an 8% stake (3.4 million shares) in the Company. This is up from the 5.8% stake the firm disclosed in the original 13D filing, released just a few days ago (08/31). 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. This was also disclosed in the original filing.
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. It is anticipated the completion of the meger will occur in the fourth quarter of 2006.
Shares of Ryan's Restaurant are up fractionally to $16.03 in mid-day action Wednesday.