Rainforest Cafe, Inc. (Nasdaq:RAIN – news) and Landry’s Seafood Restaurants, Inc.(NYSE:LNY – news) announced today that they will not proceed with their proposed merger transaction and have terminated their merger agreement. The termination was mutually agreed upon, and no payments will be made by either party. The Rainforest Special Meeting of Shareholders which was scheduled for April 28, 2000 to consider the merger has been canceled.
Lyle Berman, Chairman and CEO commented, “Although we viewed the Landry’s transaction as the best alternative currently available to Rainforest shareholders, it has become apparent that this view was not shared by the majority of our shareholders. Consequently we have jointly determined with Landry’s to terminate our merger agreement. With the proposed merger activities now concluded, management will continue to focus on the operating aspects of Rainforest Cafe’s business.”
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Rainforest Cafe, Inc. develops, owns, and operates combination restaurant/retail facilities offering a stimulating and entertaining rain forest theme, providing visitors with “A Wild Place to Shop and Eat®.” There are currently 39 Rainforest Cafe®units open including 28 domestic locations and 11 international units. Rainforest Cafe, Inc. common shares are traded on the NASDAQ national Market under the symbol RAIN.
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