USACafes will pursue its plans to buy Ponderosa.
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The restaurant chain vowed to continue its $16-a-share cash offer despite Ponderosa Inc.’s rejection of the offer as inadequate. The company said Ponderosa, which operates a chain of steak houses, would benefit by a change from company-operated outlets to franchise-operated outlets, the approach used by USACafes. USACafes said a Ponderosa lawsuit filed this week alleging violations of securities and antitrust laws is without merit.
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