Posted on Wed, Jul. 26, 2006

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Shareholders reap windfall in Ryan’s sale

Buffets Inc. offers big premium for stock of Greer-based family restaurant company

By BEN WERNER

bwerner@thestate.com

JILL RICHARDS/JIRICHARDS@THESTATE.COM

Deon Wallace Jr., 7, watches Tuesday as his older brother puts steamed carrots on his plate at a Ryan’s in Columbia.

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• On A1 | Shareholders reap windfall in Ryan’s sale
• In Business | Buffets Inc. makes offer to buy Ryan’s
• Ryan’s boasts loyal customer base in S.C.
• About Ryan's Restaurant Group
• 7/16/06 | As the sun rises ... so do profits at Ryan's

Ryan’s Restaurant Group, the ninth largest publicly traded company in South Carolina, is being sold to another buffet chain.

Buffets Inc., a Minnesota-based company, has offered to buy Greer-based Ryan’s for $876 million in cash, sending Ryan’s stock owners $16.25 per share — a 45 percent premium from Monday’s closing price of $11.22 closing price.

Once completed, the new company will be among the largest family restaurant chains in the nation — and the largest buffet company.

Ryan’s has 33 locations in South Carolina, including five in the Midlands. Privately held Buffet Inc., which will remain based in Eagan, Minn., has not announced any changes to those Ryan’s Family Steakhouse and Fire Mountain Grill restaurants.