from the NYPost...
CENTERPLATE, the longstanding seller of hot dogs and beer at Yankee Stadium and other arenas around the country, is likely kicking itself for not accepting a takeover offer over two years ago from its former chief executive.
The company's stock has been pummeled since it announced earlier that it lost a lucrative bid to be the concessionaire at the new Yankee Stadium.
Shares of Centerplate closed Friday at $5.52 - 60 percent below the $13.50 buyout offer it rejected in August 2005 from former chief Lawrence Hatch and Wellspring Capital Management. At the time, the company said the offer was "highly conditional" and felt it could deliver better value to shareholders as an independent firm.
Now, Hatch is laughing all the way to the bank after founding a new company, called Legends Hospitality Management, which recently won the contract for the new Yankee Stadium.
The Yankees represent about $70 million in annual sales for Centerplate, or about 10 percent of its revenue, according to a research note from Piper Jaffray analyst Mark Churchill.
Earlier this month, Centerplate sought temporary amendments from its creditors so it could continue paying its dividends in April and May, but warned it may have to stop paying them in June.
Also, Centerplate said it would lay off about 219 workers at the Indiana Convention Center on June 1 after losing a food and beverage contract there.
Recently, some Centerplate shareholders have quietly tried to rekindle Hatch's interest in buying the company, but it has proved tough. "I have absolutely no interest in pursuing Centerplate at this time," Hatch told The Post. Zachery Kouwe
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