Landry's stock last closed at $16.67. Fertita, who owns a 39% equity stake in the company, and he is looking at obtaining outside financing to purchase the remainder.
Landry's has formed a special committee to go over the proposal. It is also in the process of hiring financial and legal advisors.
In 2006 Landry's sold its Joe's Crab Shack chain for $192 million to JCS Holdings. The company attempted to acquire the Smith & Wollensky steakhouse chain last year but was unsuccessful.
During its most recent quarter, which ended Sept. 30, Landry's posted a $3.2-million loss. Same-store sales at company restaurants during that period rose 1% year over year.
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