Russell Glass, the founder and head of RDG Capital LLC has reportedly made a buyout offer for Benihana Inc., at $7 a share, a premium of 20% over the current stock price, The New York Post has learned. Glass made the offer on March 11, to Benihana CEO Richard Stockinger and Chairman Darwin Dornbush, adding that he was prepared to acquire the company with the backing of private-equity partners, according to a person familiar with the matter. The deal value, which based on the stock price of March 16, was worth $20.1 million. This person said the bid would cover both Benihana's outstanding common and Class A shares. The common stock is how the family of late Benihana founder Rocky Aoki owns a majority stake in the company, while the Class A shares, which bring with them more voting control, were issued years ago by Benihana management. It is the second time that Glass has tried to convince Stockinger and the board to sell him the company. As The Post reported last week, RDG Capital, in a letter sent in February to Stockinger expressed interest in acquiring Benihana "at a significant premium" to the current stock price. However, Glass was snubbed before he could even name a price. Benihana has also been seeking to raise funds due in part to a problem with one of its credit lines, which is becoming due in 2011. In February 2010, the management had set up a special committee to analyze "various alternatives," including a plan to issue 12.5 million more shares, which was opposed by several share holders, including Aoki's heirs. A spokesman for Benihana refused to comment, New York Post reported.

Benihana Inc. announced that its motion for summary judgment in the pending litigation against it brought by the former minority shareholders of the company's Haru operating segment has been granted in all material respects. In 2005, the minority shareholders exercised a put to sell their 20% interest in Haru to the company at a price to be determined in accordance with a contractual formula. Under a decision issued by Judge Buchwald of the United Stated District Court for the Southern District of New York on March 5, 2010, the price required to be paid by the company. For the acquisition of the 20% interest would be approximately the same $3.7 million originally calculated by the company. Judge Buchwald's decision will become final on April 6, 2010 unless the plaintiff's file an appeal prior to such date.

Benihana Inc. announced at the special meeting held on February 22, 2010, has approved the proposed merger by and between Benihana Inc. and its wholly-owned subsidiary BHI Mergersub Inc. The company is the surviving corporation in the merger, the sole purpose of which was to effect an amendment to the certificate of incorporation of the company to increase by 12,500,000 the number of shares of Class A common stock which the company is authorized to issue.

Benihana Inc. Announces Summary Judgment Related to Pending Litigation By Former Haru Minority Shareholders Has Been Granted in All Material Aspects

Benihana Inc. Announces Results of Special Meeting of Shareholders

Benihana Inc. Responds to Public Statements of Certain Shareholders Concerning Forthcoming Special Meeting of Shareholders

[$$] The Mighty Machines

Benihana Inc. Earnings Call scheduled for 5:00 pm ET today

Benihana Inc. Earnings Call scheduled for 5:00 pm ET today

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Benihana Inc. Names Christopher P. Ames as Chief Operating Officer

Benihana Invites Guests to Indulge in New Culinary Offerings and Enhanced Dining Experience

Benihana Inc. Reports Total Restaurant Sales and Comparable Restaurant Sales for the Second Fiscal Quarter 2010

Happy Benihana-days!

Benihana Partners With Best Buddies and FIJI Water To Kick-off a Season of Giving

Benihana Inc. Reports Fiscal Second Quarter 2010 Results

Benihana Inc. to Report Fiscal Second Quarter 2010 Results on November 24, 2009