Landry’s Boss Offers To Buy Rest Of Shares, Take Company Private

Houston Chronicle:

Landry’s Restaurants Inc. boss Tilman Fertitta has proposed to buy the remaining 61% stake in the national restaurant, hotel and casino company and make it a private business.

Fertitta already owns 39% of the company he runs as chairman, president and chief executive. He wants to buy the rest at $23.50 a share, a 41% premium over Friday’s closing share price, the company said Monday.

Landry’s board of directors has formed a special committee of independent directors to review Fertitta’s offer. Officials said the committee also has been authorized to review any alternative proposals.

With 16.1 million shares outstanding on Nov. 5, the offer for the shares he doesn’t own would cost Fertitta about about $380 million. Including debt, the total value of the deal is $1.3 billion.