In a letter to Wollensky's management, Landry's executives say that the deal could close as soon as 60 days after a merger agreement and is not conditional upon due diligence or financing. The deal would give Landry's 14 Smith & Wollensky restaurants in major cities across the country as well as five individually-branded locations in New York.
Landry's made an initial bid, $7.50-per-share bid for Wollensky in January. At that time, locally based Wollensky hired TM Capital Corp. as its financial adviser.
Among the chains that Landry's operates are Landry's Seafood, Rainforest Café and Saltgrass Steak House. It also owns a number of one-off restaurant concepts in various cities, the Golden Nugget hotels and casinos and Nevada and hotel and resort properties in Texas.
Patina Restaurant Group owns a number of East and West coast restaurant concepts in high-profile entertainment venues. Its holdings include Nick & Stef's Steakhouse at Madison Square Garden and Grand Tier at the Metropolitan Opera House, in New York; restaurants in Disneyland in Anaheim, CA; as well as the ice-skating rink in New York's Rockefeller Center.
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