In addition to the T.G.I. Friday's units, Main Street operates the Bamboo Asian Club Bistro, a 10-restaurant chain across the US; the four-location Redfish, a New Orleans-themed concept; and Alice Cooper'stown, a sports bar in Cleveland that also pays homage to rocker Alice Cooper. John Antioco, the chairman and chief executive officer of Blockbuster Inc., is also Main Street's chairman.
The Briad Group is currently an 18-unit T.G.I. Friday's franchisee and operates over 50 Wendy's restaurants. Its offer for Main Street is contingent upon gaining 90% of the company's outstanding shares and expires at midnight, June 28, Eastern time.
Briad's sole shareholder and chief executive officer Bradford Honigfeld had made offers for Main Street before the company's board agreed to the acquisition on May 22. In June of last year, Honigfeld offered $4.10 per share for the company and was refused by Main Street's board, leading to other prices that eventually reached the current bid.
In Main Street's most recent quarter, which ended March 27, the company posted a year-over-year same-store sales gain of 3.3%. Revenues were $65.3 million, up 6.4%, and its net income was up 126%, reaching $3.4 million.
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