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Published: May 22 2012

DORAL, Fla., May 22 (UPI) -- Benihana Inc. the restaurant chain with about 100 outlets in the United States, Latin America and the Caribbean, said it would sell itself to a private firm.

The firm, Angelo, Gordon & Co., would take the restaurant chain private for $296 million, pending approval from shareholders, the Los Angeles Times reported Tuesday.

The chain has 95 restaurants and 16 franchised locations.

The buyer is offering to pay 23 percent above Monday's closing price of $13.30, which is 46 percent above the 30-day average closing price prior to March 13 when the company said it was considering options, such as selling itself, the newspaper said.

The Japanese-style restaurant is famous for making cooking part of the entertainment with knife-wielding cooks working in full view of the guests.