Silver Diner plans to merge with Food Trends

Nation's Restaurant News, Sept 11, 1995

ROCKVTLLE, Md. - Silver Diner Development Inc., parent of the five-unit Silver Diner chain, agreed to merge with Food Trends Acquisition Corp., a capital concern based in Newton, Mass.

Food Trends will issue about 5.3 million shares of stock to Silver Diner shareholders and make available about $14.2 million in cash to accelerate expansion of the Silver Diner.

The board of directors of the new entity will include Silver Diner president Robert Giamo and two members of Food Trends, most likely chairman George Naddaff and president Douglas Suliman Jr.

In related news, David Oden has resigned as chief financial officer and treasurer of the 65-unit Pancho's Mexican Buffet Inc. in Fort Worth, Texas, to take the posts of vice president and CFO at Silver Diner.

Pancho's president and chief executive Hollis Taylor said many of Oden's duties will be assumed by William Fagan, who has been promoted to vice president and treasurer of the company. Fagan joined Pancho's, as controller in 1991.