Landry's CEO buys 728,595 shares of Landry's, raises stake to 45.5%

By Lisa Kerner

Charlotte, N.C., Oct. 23 - Landry's Restaurants, Inc. chairman, president and chief executive officer Tilman J. Fertitta bought 728,595 shares of the company's stock, raising his ownership interest to 45.5%.

According to a schedule l3D/A filed with the Securities and Exchange Commission, the shares were acquired on Oct. 20 through Oct. 22 at prices from $11.4099 to $11.5805 each.

Fertitta beneficially owns 7,760,076 shares of the Houston-based restaurant company.

It was previously reported that Fertitta is in negotiations with Jefferies & Co. regarding financing for his proposed purchase of Landry's at a "substantially" reduced price.

Landry's said the debt financing needed by Fertitta to acquire the company is in jeopardy at the current $21.00-per-share price.

In June, Landry's agreed to be acquired by Fertitta through Fertitta Holdings, Inc. for $21.00 cash per share in a transaction valued at about $1.3 billion including debt of about $885 million.

Landry's tentatively set Nov. 3 as the date for a special meeting of stockholders to vote on the merger.

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