By Lisa Kerner
Charlotte, N.C., Nov. 3 - Landry's Restaurants, Inc. agreed to be acquired by a company wholly owned by its chief executive officer and president, Tilman J. Fertitta, for $14.75 per share in a deal valued at about $1.2 billion.
According to Landry's, the offer price is a premium of approximately 37% over the closing share price of Landry's common stock on Monday.
The company's board of directors approved the merger agreement, which allows for a go-shop period through Dec. 17 and includes a $2.4 million break-up fee.
Landry's said the transaction is expected to close in the first half of 2010, subject to shareholder approval and the refinancing of a portion of the company's outstanding debt.
Fertitta beneficially owns approximately 55.1% of the Houston-based restaurant company's outstanding shares of common stock.
| Acquirer: | Tilman J. Fertitta
|
| Target: | Landry's Restaurants, Inc.
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| Announcement date: | Nov. 3
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| Transaction total: | $1.2 billion
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| Price per share: | $14.75
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| Termination fee: | $2.4 million
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| Expected closing: | First half of 2010
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| Stock price for target: | NYSE: LNY: $10.76 on Nov. 2
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