McCormick & Schmick’s Seafood Restaurants moved a step closer to being acquired by Landry’s by settling shareholder lawsuits over the USD 131.6 million takeover.
Under the settlement, which requires approval from Delaware Chancery Court Judge J. Travis Laster, investors will get more information about the process leading to the USD 8.75-a-share deal and the investors’ lawyers will negotiate a fee award with the companies, according to court documents filed today.
The settlement “shall not be deemed a presumption, concession or admission by any defendant of any fault, liability or wrongdoing,” McCormick said in the filing.
McCormick, based in Portland, Ore., and Houston-based Landry’s disclosed the offer on 22 November, saying McCormick’s board determined the acquisition was fair and in the best interests of stockholders.
