Landry's Might Sell To Chief Shareholder
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Landry's Restaurants says it's reviewing strategic alternatives, including a possible sale of the company to chief executive Tilman Fertitta.
Landry's Restaurants says it's reviewing strategic alternatives, including a possible sale of the company to chief executive Tilman Fertitta.
He's also the largest shareholder in Landry's, which also owns the Rainforest Cafe chain and other restaurants. Last week, Fertitta offered to take the company private and spin off its subsidiary Saltgrass steakhouse chain.
The Houston-based restaurant chain says a special committee of directors had been formed to review its options.
Fertitta launched a similar privatization bid in 2008, offering $13.50 per share. He shelved that offer this winter when a conflict arose with the Securities and Exchange Commission and lenders about disclosing terms the lenders insisted were confidential.
In May, Fertitta owned about 55 percent of Landry's.
Landry's restaurants also include Charley's Crab, Landry's Seafood House and The Chart House. The company also owns the Golden Nugget Hotel & Casino in Las Vegas and Laughlin, Nev.
Copyright Associated Press / NBC 5 Dallas-Fort Worth
Posted Thursday, Sep 10, 2009 - 9:00 AM CST
