Articles > Popular publications > The Boston Globe (Boston, MA) news wires > August 1994

Article: Ground Round managers plan takeover Proposal to take the chain private drives share price up 31 percent

Article from:
The Boston Globe (Boston, MA)
Article date:
August 24, 1994
Author:
Copyright

Ground Round Restaurants Inc. of Braintree became a choice cut for investors yesterday as the company announced a $160 million management buyout plan that pushed its stock price up 31 percent.

The proposal to take the chain of 206 restaurants private requires approval by two-thirds of Ground Round's stockholders, but the company said nearly 40 percent of shares already have been pledged by the two largest holders, London-based Hanson Plc. and Hanson's vice chairman, David Clarke.

The company valued the deal at $9 a share. Its stock surged yesterday to 8 3/8, up 2, in heavy NASDAQ trading.

The buyout is being led by 399 Ventures Inc., a venture capital

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