Landry's Restaurants announced on Wednesday that it hired Cowen and Co. to explore the possibility of a sale.
The New York equity research firm will help a special committee of Landry's board of directors evaluate a bid from Landry's President and CEO Tilman Fertitta to take the Houston company private.
In late January, Fertitta, who owns 39 percent of the company, offered to buy all outstanding shares at $23.50 a share.
Landry's, which has a market value of about $254 million, operates several restaurants chains, including Landry's Seafood House and Chart House, and the Golden Nugget Hotel and Casino in Las Vegas and Laughlin, Nev.
