Ark Restaurants Corp. (ARKR) Tuesday entered into a long term agreement with New Meadowlands Racetrack LLC to provide food and beverage services for the new racing facilities being constructed at the Meadowlands Racetrack in northern New Jersey.
New Meadowlands Racetrack LLC has a long term lease with the State of New Jersey and expects the new facility to be open in mid-November. Ark said its agreement extends to any future development at the race track site.
In conjunction with this agreement, Ark will make an equity investment in New Meadowlands Racetrack LLC.
Ark also acknowledged receipt of a recent letter from Landry's Inc., whereby the latter reiterated its unsolicited offer to acquire the company. As previously announced, the Ark board determined that the offer is inadequate, not compelling, and not in the best interests of Ark's shareholders.
The board has no intention of waiving the applicability of the New York takeover statute which is expressly intended to protect companies against inadequate and potentially coercive unsolicited proposals such as that from Landry's, the company said.
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