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November 9, 2009

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Shareholder sues to block merger

Friday, March 31, 2000 | 10:59 a.m.

THE ASSOCIATED PRESS

MINNEAPOLIS -- A large shareholder in Rainforest Cafe Inc. sued the company in Minnesota federal court in an attempt to block its $125 million merger with Landry's Seafood Restaurants Inc.

The Heartland Group Inc., owner of 6 percent of the company's stock, claims in its class action lawsuit that the company's board of directors breached their fiduciary duty to shareholders by accepting Landry's offer of $5.23 per share in cash and stock. The company denied the allegations and said it plans to "vigorously defend itself in this action."

The merger has also been opposed by the State of Wisconsin Investment Board, owner of 11 percent of Rainforest's stock.

Rainforest operates a restaurant in the MGM Grand hotel-casino in Las Vegas. Landry's operates several restaurants in the Las Vegas area.

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