SWIB REQUESTS POISON PILL WAIVER TO DISCUSS COORDINATION
WITH NEW BIDDER ON POTENTIAL OFFER FOR RAINFOREST CAFE
Madison, Wis. (October 18, 2000) The State of
Wisconsin Investment Board (SWIB) is asking the
Rainforest Cafe Board of Directors to waive the
company's poison pill so that SWIB can discuss
coordination of efforts with a new bidder working on a
competing offer to the current Landry's Seafood
Restaurants' tender offer for Rainforest. David
Siegel, an owner of about five percent of Rainforest's
stock, announced yesterday that he has assembled a
substantial, well-known group of investors who have the
wherewithal to present an alternative to Landry's
pending $3.25 offer. According to press reports, the
group has asked to commence due diligence at Rainforest
so it can determine a price for its competing offer.
"Siegel was quoted as saying he believes
Rainforest Cafe still has a higher value than the
Landry's offer, and that's a view that we share,"
stated John Nelson, SWIB's Investment Director for
small company stocks. "We do not plan to tender our
shares in the Landry's offer and would like to discuss
collective action with the Siegel group."
"I urge other shareholders to hold off on
tendering their shares to Landry's. Otherwise, this
potential new offer may never be presented to
Rainforest shareholders," Nelson added. "As the
company's largest shareholder, SWIB welcomes an
alternative bid that either reflects the true value of
Rainforest Cafe or could allow us to retain our
ownership position with a board and management that
have the experience and desire to fix the company
rather than sell it."
SWIB owns over 14 percent of Rainforest's common
stock and is the investment manager for the Wisconsin
Retirement System (WRS). With over $64 billion in
assets and 465,000 participants, the WRS is the ninth
largest public pension fund in the U.S.
SWIB has previously furnished to Rainforest
shareholders certain information required by Schedule
14D-9. This material is available at the SEC website
(www.sec.gov) and may be obtained from SWIB at 608-266-2381.
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