| Max & Erma's Restaurants Inc., parent of the | | | | resources on the business and avoid the costly and |
| 107-unit namesake casual-dining brand, has agreed to | | | | complex requirements of being a public company.” |
| be acquired for about $10.2 million by G&R | | | | Max & Erma’s current management is |
| Acquisition Inc., a holding of Pittsburgh restaurateur | | | | expected to remain in place. The company, which |
| Gary Reinert Sr. | | | | owns and operates 79 restaurants and franchises 28 |
| The boards of Max & Erma’s and G&R | | | | others, began looking for a buyer last year. Revenue |
| unanimously approved the $4-per-share buyout, which | | | | for fiscal 2007 was $174.9 million, down 3 percent from |
| represents a 37-percent premium over Max & | | | | the previous year. The company reported a net loss |
| Erma's closing price of $2.92 on Friday. Principal | | | | of $3.5 million for 2007. |
| stockholders who collectively own about 45 percent | | | | Browse Restaurants in Pittsburgh - |
| of the outstanding shares of Max & Erma’s | | | | is Pittsburgh's premier online dining guide for area |
| stock have agreed to vote their shares in favor of the | | | | restaurants. SCM was launched in late 2009 to help |
| transaction, according to a company statement. | | | | promote the fine flavor of our local dining |
| Rob Lindeman, president and chief executive of Max | | | | establishments. |
| & Erma’s, said in the statement that the | | | | You can easily browse our site by restaurant name, |
| going-private transaction “creates value and liquidity | | | | location or cuisine style. While you’re here, check |
| for our stockholders and a recapitalization, which will | | | | out our restaurant menus, photos, or to find out who |
| allow us to continue building the Max & Erma’s | | | | could best host your catered or private dining event. |
| brand. The transaction will allow us to focus our | | | | |