Landry's accepts Fertitta's buyout offer
Landry's Restaurants on Monday agreed to be acquired outright by President, Chairman and CEO Tilman Fertitta, virtually ending a nearly two-year-long bid for the Houston-based seafood restaurant and hospitality company.
Fertitta, who already owns a 55 percent stake in the company, upped his offer to buy all of Landry's outstanding common stock to USD 24 (EUR 19.40) per share. The deal is valued at approximately USD 1.4 billion (EUR 1.1 billion).
That's up USD 3 per share from Friday's closing price and up USD 9.25 per share from Fertitta's previous offer last November. Fertitta has been trying to take the company private for almost two years.
Fetitta originally proposed a buyout in January 2008. But the bid was cancelled a year later due to conflict over the disclosure of information. Then the company launched a committee to explore alternatives in September 2009.
Monday's agreement includes a "go-shop" provision whereby a Landry's committee will continue to solicit acquisition proposals for 45 days, with the option for at least a 15-day extension for due diligence if necessary.
Landry's banners include Landry's Seafood House, Charley's Crab and The Chart House; it also owns the Golden Nugget Hotel & Casino in Las Vegas and Laughlin, Nev. Last month, the company announced that it's acquiring The Oceanaire Seafood Room, a 12-restaurant upscale seafood chain based in Minneapolis.