According to a statement issued by the company, the offer was apremium of approximately 37% over the closing share price ofLandry's common stock on Nov. 2. The statement said that Fertittacurrently owns approximately 55.1% of Landry's outstanding commonstock shares.

The statement goes on to say that, pending approval by Landry'sshareholders and other regulatory approval, the deal should becompleted in the first half of 2010. The company will continuesoliciting alternative acquisition proposals from other partiesuntil Dec. 17 or until Landry's debt refinancing is finished.However, Landry's would be required to pay a $2.4 million break-upfee if it decided not to continue with the merger agreement. Callsto Landry's were not returned by deadline.

Industry and local media have reported on Fertitta's attempts totake Landry's private since 2008. A deal struck in June 2008between Fertitta and Landry's collapsed in early 2009. InSeptember, Fertitta tried again, making an offer that would involvea spinoff of Landry's Saltgrass Inc. steakhouse subsidiary. Theplan was rejected by Landry's board.