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LUB > SEC Filings for LUB > Form 8-K on 28-Nov-2012All Recent SEC Filings

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Form 8-K for LUBYS INC


28-Nov-2012

Entry into a Material Definitive Agreement, Financial Statements and Exhibits


Item 1.01. Entry into a Material Definitive Agreement.

Luby's, Inc. (the "Company") today announced that it entered into a Membership Unit(s) Sale And Purchase Agreement, dated November 21, 2012, (the "Agreement") to purchase all of the Membership Units held by High Tides, LLC, Ticket to Paradise, LLC, and Open Water Holdings, LLC in Paradise Restaurants Group LLC, and certain of their affiliates (collectively, "Cheeseburger in Paradise") for approximately $9.25 million of cash plus customary reimbursements for cash-on-hand, inventory, and accounts receivable. The Company will also pay Cheeseburger in Paradise an additional $1.75 million if certain objectives are achieved. The Company will fund the purchase from cash and its credit facility.

The purchase will include 23 Cheeseburger in Paradise locations in 14 states.

The Company and Cheeseburger in Paradise have made customary representations, warranties and covenants in the Agreement, which is subject to termination by either the Company or Cheeseburger in Paradise upon the occurrence of specified events. The transaction is expected to close on or before December 5, 2012, subject to the satisfaction or waiver of other customary closing conditions.



Item 9.01. Financial Statements and Exhibits.

Exhibit 99.1 Luby's Press Release dated November 28, 2012


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