Filed under: Management, Private equity industry, Value and lack thereof, Public or private?

Landry’s Restaurants, Inc. (NYSE: LNY) has announced that it has entered into a definitive agreement with Fertitta Holdings, Inc.

Fertitta has concurred to acquire all outstanding common stock for $21.00 per share in cash. This represents a premium of approximately 37% over the closing share price of the Company’s common stock on April 3, 2008. This was the last day before disclosure of the revised offer made by Mr. Fertitta to acquire the company. The total value of the transaction is approximately $1.3 billion, which includes approximately $885.0 million of debt.

Fertitta is a newly formed entity wholly owned by the company’s Chairman, President, CEO and original founder, Tilman J. Fertitta. Mr. Fertitta beneficially owns approximately 39% of the Company’s outstanding shares of common stock.
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This entry was posted on Monday, June 16th, 2008 at 4:02 pm and is filed under Management. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.