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Tuesday, November 03, 2009

Shares of Landry's Soar on Buyout Deal

By Kathryn Glass

FOXBusiness

Shares of Landry’s Restaurants Inc. (LNY) jumped as much as 28% Tuesday a day after after the company announced that its board of directors had voted to approve a buyout deal valued at $1.2 billion.

The deal would allow Landry's chairman, chief executive and president, Tilman J. Fertitta, to take the company private by acquiring all outstanding shares in an all-cash deal valued at $14.75 per share. Fertitta owns 55.1% of the company’s common stock.

The offer is a 37% premium over the company’s share price of $10.76 at the close of Monday’s session. Pending regulatory approval, the deal is expected to close in the first half of 2010, according to a press release from the company.

Landry's Restaurants owns and operates numerous restaurant and hospitality businesses, including Rainforest Cafe and the Golden Nugget Hotel & Casino in Las Vegas. Shares of the company closed at $13.72 on Tuesday, up $2.96 or 27.51%.

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