Kona Grill rejects buyout offer

SCOTTSDALE Ariz. Kona Grill Inc. on Tuesday rejected a buyout bid by its second largest shareholder, Mill Road Capital LP, saying the offer was too low.

In May, Mill Road offered to pay $4.60 for each of Kona's approximately 6.5 million outstanding shares in a deal the firm valued at $27.9 million.

However, earlier this month Kona made a rights offering that gave shareholders the

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