HOUSTON (AP) — Landry's Restaurants says its board approved a $1.2 billion acquisition offer from a company owned by Chairman and CEO Tilman J. Fertitta, sending shares soaring.
The owner of Rainforest Cafe and other restaurants said Tuesay that Fertitta's company will pay $14.75 per share for Landry's stock it doesn't already own. Fertitta owned about 55.1 percent of the company's shares as of Monday.
The deal is about a 37 percent premium over Landry's Monday closing stock price of $10.76. After the deal was announced, the company's shares shot up nearly 28 percent, or $2.96, to $13.72. If the deal is approved by shareholders, it will end Fertitta's pursuit of Landry's.
The deal is expected to close in the first half of 2010.
