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Massachusetts-Based Ground Round Buyout Plan Raises Price of Stock. (Originated from The Boston Globe)
Knight Ridder/Tribune Business News, August, 1994 by Ackerman, Jerry
Aug. 24--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 affiliate of Citicorp, the New York bank. The company said senior management would also...
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