McCormick & Schmick's, Landry's Sued Over $132M Deal

Law360, New York (November 29, 2011, 2:11 PM EST) -- A McCormick & Schmick's Seafood Restaurants Inc. shareholder hit the restaurateur, its board and proposed buyer Landry's MSA Co. Inc. with a putative class action in Delaware court Monday alleging the $131.6 million deal undervalues the target company.

Landry's, a subsidiary of Tilman J. Fertitta's Landry's Restaurants Inc., announced Nov. 8 a plan to add McCormick & Schmick's to its restaurant holdings for $8.75 per share, or a 29 percent premium, after the Oregon-based seafood chain spurned an earlier offer in April.

But McCormick & Schmick's...
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