USA: Il Fornaio reports completion of merger
Il Fornaio (America) Corporation (Nasdaq:ILFO), an authentic Italian restaurant and bakery company with locations across the United States, today announced that it has completed the previously announced merger of the Company with Manhattan Acquisition Corp., an affiliate of Bruckmann, Rosser, Sherrill & Co., L.L.C. ("BRS"). Under the terms of the amended merger agreement, the merger consideration payable to the stockholders of Il Fornaio is $12.00 per share in cash, or an aggregate cash price of $77.7 million (including amounts paid to holders of Il Fornaio options). Certain directors, members of management and other senior employees will retain an equity interest in Il Fornaio. FleetBoston, IBJ Whitehall and BancBoston Capital provided the debt financing.
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