Dissident shareholder group BFMA Holding Corp.’s chances of taking out Morton’s Restaurant Group Inc. dimmed significantly when it lost its proxy fight last Thursday. And sources doubted that an alternative bidder would step up for the slow-growing restaurant operator. The Pompano, Fla.-based investment firm, helmed by Barry Florescue, owns a 9.3% stake and made a fully financed offer (backed by Carl Icahn) of $28.25 per share, or $118 million, on May 1. Morton’s stock jumped nearly 14% on the news to close at $27.30 but fell back to $26.35 by press time. In addition to its offer, BFMA sought to nominate three members to Morton’s nine-director board, which collectively owns roughly 15% of the company.
To read the entire story, you must be logged in.
Please log in now or register with us.
