Tilman J. Fertitta, chief executive officer of Landry’s Inc., has agreed to buy Morton’s Restaurant Group Inc. for USD 116.6 million, gaining a high-end steakhouse chain with locations in Las Vegas and Hong Kong.
The offer of USD 6.90 a share in cash is 34 percent more than yesterday’s closing price, Fertitta, who already owned 5 percent of Morton’s shares, said today in a statement. The deal, scheduled to be completed in February, will be financed through cash and debt.
Morton’s, which opened its first restaurant in Chicago in 1978, said in March it was exploring a possible sale to boost shareholder value. The steakhouse increased menu prices last December and in January to help counter surging meat prices.
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