USA: Gordon Biersch Brewery Restaurant Group to postpone initial public offering

Gordon Biersch Brewery Restaurant Group, Inc. announced that it has elected to reschedule the previously planned initial public offering of its common stock due to current small cap market conditions, The Chattanoogan released June 30.

The Chattanooga-based company believes that in the interest of long-term shareholder value it is more appropriate to wait for more favorable market conditions and that there are presently more attractive capital alternatives, officials said.

According to Larry Bentley, Gordon Biersch Senior Vice President and Chief Financial Officer, “While we had the option of completing this transaction at a price lower than we originally intended, we believe that our shareholders will benefit more from postponing this process until market conditions facilitate a more attractive pricing opportunity. We remain in excellent position to continue our business expansion and will continue to evaluate market conditions and may proceed with a public offering at a later date”.

A registration statement related to the offering was filed with the Securities and Exchange Commission, but had not become effective. The aforementioned securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.

Gordon Biersch Brewery Restaurant Group, Inc. is a national operator of upscale brewery restaurants featuring boldly flavored made-from-scratch dishes and premium beverages, including award winning hand-crafted beers. The restaurant’s broad and sophisticated menu is designed to appeal to a wide range of guests, including groups, couples, families and business people, during both lunch and dinner, as well as those who want to socialize during non-peak hours. The company currently operates 26 restaurants in 13 states and the District of Columbia, comprised of 17 Gordon Biersch and nine regionally branded restaurants. Additionally, franchisees operate eight Gordon Biersch restaurants and bars in airports throughout the United States.

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