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Article: Landry's Restaurants OKs $1.2B acquisition offer

Article from:
AP Online
Article date:
November 3, 2009
Author:
Copyright

The chairman and CEO of Landry's Restaurants Inc. finally got what he was after Tuesday, as the restaurant owner's board approved his $1.2 billion all-cash offer to take the company private.

The news sent shares of Landry's, which owns the Rainforest Cafe chain and other restaurants, surging $2.99, or 27.8 percent, to $13.75 in midday trading. The stock hit a fresh 52-week high of $13.99 earlier in the session.

Tilman J. Fertitta, who also serves as the company's president, already controlled more than half of Landry's shares. But coming up with the right formula to woo Landry's for its remaining stake took a while.

Under the deal Landry's board just approved, ...

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