Landry's Restaurants, Inc.'s Board Approves Amendment to Merger Agreement with Tilman J. Fertitta
HOUSTON, Oct. 18 /PRNewswire-FirstCall/ -- Landry's Restaurants, Inc. (NYSE:LNY) (the "Company") today announced that it has entered into an amendment to the merger agreement previously entered into with Fertitta Holdings, Inc. ("Fertitta"), a newly formed holding company, wholly-owned by Tilman J. Fertitta, the Chairman, Chief Executive Officer and President of the Company, whereby Fertitta agreed to acquire all of the outstanding common stock of the Company. Mr. Fertitta owns approximately 39% of the outstanding shares of the Company's common stock. The amended merger agreement provides that, among other things, Fertitta will acquire the outstanding shares of the Company's common stock for $13.50 per share, a premium of 49% over the closing price of the Company's common stock on October 17, 2008.
From the first location in Katy, Texas, in 1980, Landry's continues to grow from coast to coast. As a result of its unwavering performance momentum, Landry's has been called a "darling" of Wall Street and has caught the eye of the restaurant industry press as well.