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Exhibit 99.1
FOR IMMEDIATE RELEASE CONTACT: PETER HAUSBACK
(415) 945-4207
[email protected]
WWW.ILFORNAIO.COM
IL FORNAIO ANNOUNCES STOCKHOLDER LAWSUIT
CORTE MADERA, CA - DECEMBER 1, 2000 - Il Fornaio (America) Corporation
(Nasdaq National Market: ILFO), an authentic Italian restaurant and bakery
company with locations across the United States, announced today that three
complaints have been filed against the Company and its directors by
purported stockholders of the Company alleging, among other things, a
breach of fiduciary duties and seeking an injunction, damages and other
relief in connection with the previously-announced entry into a definitive
merger agreement with an affiliate of Bruckman, Rosser, Sherrill & Co.,
L.L.C. Under that agreement, stockholders of the Company would receive
$14.00 in cash for each share of common stock. Following the merger, senior
management and certain directors and stockholders of the Company will
retain a significant equity interest in the Company. As previously
reported, a special committee of independent directors negotiated the
transaction with the advice of the investment banking firm, Evercore
Partners, and counsel to the special committee, both of which were engaged
by the special committee. The Company believes that the allegations in the
complaint are without merit and intends to contest the matter vigorously.
Il Fornaio owns and operates 24 full-service Italian restaurants that serve
creatively prepared, premium-quality Italian cuisine based on authentic
regional Italian recipes. Each Il Fornaio restaurant houses a retail bakery
offering Il Fornaio's baked goods, prepared foods and a variety of Il
Fornaio-brand products. In addition, Il Fornaio's bakery division operates
three wholesale bakeries that produce artisan breads, pastries and other
baked goods for sale in its own locations and to high-quality grocery
stores, cafes and gourmet coffee retailers, hotels and other fine
restaurants.
