STATE OF WISCONSIN INVESTMENT BOARD
For Immediate Release Telephone: 608-266-2381
Contact: John Nelson at 608-266-7232
SWIB CALLS FOR RAINFOREST CAFE BOARD TO REDEEM POISON PILL
Madison, Wisc. (October 3, 2000) - The State of
Wisconsin Investment Board (SWIB) today called for
Rainforest Cafe to redeem or amend its poison pill to
permit SWIB and other existing shareholders to take
collective action. "SWIB is considering several
specific steps to increase value for Rainforest
shareholders. However, we are concerned that terms of
the Landry's Seafood Restaurant merger agreement and
Rainforest's existing poison pill might be interpreted
to effectively preclude current shareholders from
collectively taking such action," said John Nelson,
SWIB's Small Company Stock Portfolio Investment
Director.
"SWIB still thinks the company is worth
substantially more than the $3.25 per share offered by
Landry's," added Nelson. "The offer is open through
October 27, 2000, so I hope other shareholders will
wait to see what happens before then and will not
tender their shares now."
Nelson said, "We were shocked to read that
Rainforest's President was pursuing this second
Landry's transaction in June, only two months after the
shareholders had rejected a higher offer from
Landry's," referring to disclosures made in the
Landry's tender offer documents filed this week. "It
looks as though the Rainforest board is more interested
in selling the company to Landry's than in discharging
its fiduciary responsibilities to shareholders or in
finding a new CEO who is willing to take action to
maximize the value of this company for its current
shareholders."
SWIB is the investment manager for the Wisconsin
Retirement System (WRS). With over $64 billion in
assets and 463,000 participants, the WRS is the ninth
largest public pension fund in the U.S.
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