Morgan & Morgan today announced that it is investigating potential claims against the Board of Directors of Benihana, Inc. (“Benihana” or the “Company”) (Nasdaq: BNHN) relating to the proposed acquisition by Angelo, Gordon & Co. (“Angelo, Gordon”).
Morgan & Morgan’s investigation concerns whether the Benihana Board of Directors breached their fiduciary duties to Benihana stockholders by failing to adequately shop the Company before entering into this transaction and whether Angelo, Gordon is underpaying for Benihana shares, thus unlawfully harming Benihana stockholders. Under the terms of the agreement, Benihana shareholders will receive $16.30 per share of Benihana stock they own, while at least one Yahoo! Finance analyst set a price target for Benihana stock at $17.30 per share.
If you own shares of Benihana stock and wish to discuss this matter, you may contact us.
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