Landry's Makes $123M Takeover Offer For Rival Chain

Law360, New York (April 5, 2011, 6:38 PM EDT) -- Houston-based Landry's Restaurants Inc. made an unsolicited $123 million offer Monday to buy Oregon's McCormick & Schmick's Seafood Restaurants Inc., whose stock price faltered recently on falling earnings.

Landry's CEO Tilman J. Fertitta said he would use his LSRI Holdings Inc., a Landry's subsidiary, to make a $9.25 per share all-cash offer to purchase all of McCormick's outstanding stock. McCormick's board has not been in any talks with Fertitta, it said in a statement Tuesday.

Fertitta already owns 10.1 percent of McCormick's 14.84 million shares, he...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.