Smith & Wollensky is making Landry’s’ mouth water — so much so that the Houston company has made a hostile takeover bid.
Houston-based Landry’s Restaurants has made a cash offer to buy the New York-based steakhouse chain for $64.4 million, or $7.50 per share, the company announced Tuesday. This is about 50 percent higher than the value of Smith & Wollensky shares before the offer.
Several analysts see Smith & Wollensky Restaurant Group as an excellent fit for Landry’s as it shifts its focus to higher-end restaurant chains with smaller locations in prime spots.
Smith & Wollensky owns upscale restaurants in nine cities, including Las Vegas, Chicago and Houston. The company has six restaurants in New York City, home of the original Smith & Wollensky.
Landry’s made the offer in a letter to the publicly held Smith & Wollensky Restaurant Group after Landry’s officials said the companies couldn’t reach an agreement.
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