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Re:
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Nathan’s Famous, Inc.
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Schedule TO-I
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Filed December 8, 2011
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File No. 005-49205
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1.
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As currently proposed, the proration priorities based on “Small Lots” of fewer than 500 shares is inconsistent with the requirements set forth in Exchange Act Rule 13e-4(f(3)(i). Please revise.
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2.
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We note the disclosure in the last paragraph on page 22 regarding any decline in the market price of the shares or certain market indices by “a material amount (including without limitation, an amount greater than 10%)...” We do not object to the imposition of conditions in a tender offer provided that they are not within the direct or indirect control of the bidder and are specific and capable of objective verification when satisfied. Please revise the disclosure in this condition to allow for objective verification that the condition has been satisfied, as opposed to the current language which suggests that declines of less than 10% could also trigger the condition.
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3.
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We note the last paragraph of this section relating to the Company’s failure to exercise any of the rights described in this section. This language suggests that if a condition is triggered and the Company fails to assert the condition, it will not lose the right to assert the condition at a later time. Please note that when a condition is triggered and the Company decides to proceed with the offer anyway, we believe that this decision is tantamount to a waiver of the triggered condition(s). Depending on the materiality of the waived condition and the number of days remaining in the offer, the Company may be required to extend the offer and recirculate new disclosure to security holders. In addition, when an offer condition is triggered by events that occur during the offer period and before the expiration of the offer, the Company should inform holders how they intend to proceed promptly, rather than waiting until the end of the offer period, unless the condition is one where satisfaction of the condition may be determined only upon expiration. Please confirm the Company’s understanding on both points in your response letter.
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Sincerely,
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/s/ Kenneth A. Schlesinger
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Kenneth A. Schlesinger
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cc:
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Eric Gatoff
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Ronald DeVos
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Steven Wolosky
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Re:
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Nathan’s Famous, Inc.
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Schedule TO-I
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Filed December 8, 2011
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File No. 005-49205
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·
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the Company is responsible for the adequacy and accuracy of the disclosure in the filing;
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·
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staff comments or changes to disclosure in response to staff comments do not foreclose the Commission from taking any action with respect to the filing; and
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·
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the Company may not assert staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.
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NATHAN’S FAMOUS, INC.
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By:
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/s/ Ronald DeVos
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Name:
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Ronald DeVos
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Title:
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Vice President - Finance and Chief Financial Officer
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