BOSTON (Bloomberg) — Uno Restaurant Corp., the operator of Pizzeria Uno…Chicago Bar & Grill restaurants, said a management team led by its chairman offered to buy the company’s shares they don’t already own for about $36.3 million in cash. Aaron Spencer, the company’s chairman and largest shareholder, and unnamed senior management members offered $8.75 a share for the remaining 38 percent they don’t own, the company said in a statement distributed by PR Newswire.
The company didn’t return calls for comment.
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Uno, based in Boston and with restaurants in Rhode Island, said in February it would consider selling shares to the public when market conditions improve. Uno withdrew a plan to sell shares last year. Uno said recently that Paul MacPhail returned as chief operating officer. MacPhail, CFO from 1998 until last March, succeeded Dennis Roberts, who left to pursue other interests, the company said.
The board appointed outside directors to review the bid, the company’s release said. The purchase is subject to certain conditions.
