Landry's Restaurants Inc. said Tuesday that its board approved a $1.2 billion acquisition offer from a company owned by Chairman and CEO Tilman J. Fertitta, who already controlled more than half of Landry's shares.
The news sent shares of the owner of Rainforest Cafe chain and other restaurants surging $2.83, or 26.3 percent, to $13.59 in morning trading. The stock hit a fresh 52-week high of $13.99 earlier in the session.
Fertitta's company will pay $14.75 per share in cash for Landry's stock it doesn't already own. The executive's company owned about 55.1 percent of the company's outstanding shares as of Monday. The deal is a 37 percent premium over …
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