updated - May 26, 2013 Sunday EDT
An offer by Landry's Inc. to buy Ark Restaurants Corp at $22 per share was rejected. It was reported as a 22 percent premium to the Ark share price at the time, although now only 2.7 percent at the current trading value.
Landry's bid was unsolicited. It is not clear whether a higher offer will be extended after the initial bid was rejected.
The New York-based Ark chain owns 21 restaurants and bars along the East Coast, as well as the iconic Foxwoods Casino and 22 fast-food and catering establishments.
Houston-based Landry's owns 40 eatery brands, including its namesake as well as big names such as Rainforest Cafe, Bubba Gump Shrimp Co., and operates Golden Nugget Hotels & Casinos in Las Vegas and Atlantic City.
Ark chairman and CEO Michael Weinstein felt the deal "undervalues the company and its future prospects" in announcing the board's rejection.
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