Restaurant News Resource - Elmers Restaurants Restaurant Industry News

Elmer's Restaurants, Inc. announced that ERI Acquisition Corp. merged with and into the Company, completing the acquisition of the Company by the investor group led by Bruce N. Davis, Chairman of the Board and President of the Company.

ERI Acquisition Corp. announced that its cash tender offer at an offer price of $7.50 per share for all of the outstanding common stock of Elmer's Restaurants, Inc. (Nasdaq: ELMS)expired at 5:00 p.m., Eastern Standard Time, on March 10, 2005. Purchaser has accepted for purchase and payment all of the shares validly tendered as of the expiration date of the Offer and intends to make prompt payment for such tendered shares.

The Company reported net third quarter income of $313,356, compared to the $289,151 earned during the same period a year ago. Earnings per fully diluted share rose to $.16 compared to $.14 for the same period a year ago.

ERI Acquisition Corp. Extends Cash Tender Offer for Outstanding Shares of Elmer's Restaurants, Inc. at $7.50 Per Share Until Wednesday, February 16, 2005

Elmer's Restaurants, Inc. Receives Going Private Proposal

Elmer's Restaurants, Inc. (NASDAQ:ELMS) announced today the final results of its self tender offer, which expired at 5:00 p.m. Pacific Standard Time, on January 14, 2004. The Company commenced the tender offer on December 10, 2003 to purchase 204,200 shares of its common stock at a purchase price of $6.43 per share.