Thank you for sharing!

Your article was successfully shared with the contacts you provided.

HOUSTON-Landry’s Restaurants is entertaining a $1.3-billion buyout offer from Tilman Fertitta, the company’s chairman and chief executive officer. He is offering $23.50 per share for Landry’s, which operates about 180 restaurants including the Rainforest Café, Saltgrass Steakhouse and Crab House chain among others, as well as the Golden Nugget casinos in Las Vegas and Laughlin, NV.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.