Steakhouse Partners, Inc. Proposed Acquisition of Roadhouse Grill, Inc. Is Terminated
2006-03-16
Steakhouse Partners, Inc. announced today that it received notice from Roadhouse Grill, Inc. that Roadhouse has terminated the Agreement and Plan of Merger between the parties dated November 17, 2005, as amended.
Stone Douglass, Chairman and CEO of Steakhouse, stated, "Unfortunately, the current financing available for this transaction was not sufficient to meet the original terms of the proposed acquisition of Roadhouse Grill. Despite our mutual good faith efforts to re-negotiate a reduced purchase price, inclusive of Roadhouse principal shareholders investing in the transaction, we were unable to reach a consensus on new terms and conditions."
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