WILLISTON, ND--(Marketwired - Mar 18, 2014) - Williston Holding Company, Inc. (PINKSHEETS: WHCA) (WHC) announced today that it acquired approximately 80% of Mexican Restaurants, Inc. (MRI) in a series of private transactions with certain controlling shareholders of MRI at a price of $4.06 per share. The last of these transactions should close no later than Wednesday, March 19, 2014.
In a separate transaction, WHC also announced that it has entered into a Merger Agreement with MRI pursuant to which the remaining approximate 20% of MRI stockholders would receive $4.06 per MRI share in cash. This merger is expected to close within 45 to 60 days. Following the merger, WHC will own 100% of MRI.
MRI owns and operates 46 and franchises 11 full-service and Mexican-themed restaurants, primarily in the greater Houston metropolitan area, under the following brands: Casa Ole'®; Crazy Jose's®; Monterey's Little Mexico®; and Tortuga Mexican Kitchen®. MRI also operates a fast casual concept restaurant under the name Mission Burrito®.
WHC is a North Dakota-based company formed for developing and owning certain infrastructure related projects, primarily in the Bakken region of North Dakota. WHC currently owns four restaurants in Williston, North Dakota: Williston Brewing Company; Doc Holliday's; J Dub's Bar & Grill; and Gramma Sharon's. Several of WHC's founders have significant restaurant operating experience with companies such as Kona Grill and P.F. Chang's.
Marcus Jundt, CEO of WHC, stated, "We believe that our seasoned and experienced management team can help grow MRI substantially over the next few years. We believe that a number of the brands have significant expansion capabilities."
Curt Glowacki, President and CEO of MRI, indicated that "We are proud of what we have accomplished in building our brand of restaurants and look forward to working with WHC's management team."
Certain of the matters discussed in this announcement may contain forward-looking statements that involve material risks to and uncertainties in WHC's and MRI's business that may cause actual results to differ materially from those anticipated by the statements made herein. Such risks and uncertainties include, among other things, WHC's ability to close the merger for the balance of MRI and other risks and uncertainties. This is not a solicitation to buy or sell securities and does not purport to be an analysis of either company's financial position.