Landry's Restaurants offers to acquire Smith & Wollensky Restaurant for $9.75 per share

By Lisa Kerner

Charlotte, N.C., March 16 - Landry's Restaurants, Inc. made a new offer to acquire the Smith & Wollensky Restaurant Group, Inc. for $9.75 per share in cash, a $0.50 premium to the Feb. 26 offer of the Patina Restaurant Group.

In its offering letter, Landry's said its offer is not subject to financing or due diligence but is conditioned upon obtaining limited consents and approvals.

The closing of a tender offer could occur within 60 days of signing a definitive tender offer/merger agreement, the letter said.

"We continue to believe that a combination of the two companies would be in the best interest of the stockholders of both companies," Landry's president and chief executive officer Tilman J. Fertitta added in a company news release.

Landry's operations include restaurants under the trade names Landry's Seafood House, Chart House and Rainforest Cafe as well as the Golden Nugget Hotels and Casinos in Las Vegas and Laughlin, Nev. The company is based in Houston.

New York-based Smith & Wollensky operates restaurants in eight cities including Las Vegas, Chicago and Miami.

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