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Updated: 11/30/2009 4:03 PM					Sponsored by:
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Kona Grill tells bidder its price is too low

By Associated Press
June 16, 2009 | Comments (0)

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Kona Grill Inc. on Tuesday told a major shareholder that its offer to buy the restaurant operator's outstanding shares for $3.67 each undervalues the company.

The company wrote in a letter to Greenwich, Conn.-based Mill Road Capital LP that the proposed purchase price is too low. Mill Road made the offer on May 18.

"Accordingly, we do not believe it would be prudent to engage in discussions regarding a potential transaction at this time," Kona board member Mark Zesbaugh wrote.

Shares of Scottsdale, Ariz.-based Kona Grill fell 6 cents to $3.64 in afternoon trading.

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