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...
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