Steakhouse Morton’s is selling for about $116.6 million. Tilman Fertitta will buy all of the outstanding shares in cash through a tender offer
CHICAGO
Steakhouse chain Morton’s Restaurant Group Inc. is selling itself to the billionaire owner of restaurant chain Landry’s Inc. for about $116.6 million in cash.
Under the deal announced Friday, Tilman Fertitta will buy all of the outstanding shares of Morton’s for $6.90 each in cash through a tender offer. He is acquiring Morton’s through an affiliate of Landry’s, which owns Landry’s Seafood House, Rainforest Cafe, Bubba Gump Shrimp Co. and other chains.
The price represents a 34 percent premium over Morton’s Thursday closing stock price of $5.16. The deal price is based on the company’s 16.9 million outstanding shares.
Morton’s shares rose $1.64, or 32 percent, to $6.80 in morning trading.
Fertitta already owns about 5 percent of Morton’s stock, making him the company’s fourth-largest shareholder, according to FactSet. He will finance the deal with cash and debt.
Morton’s said earlier this year that it was considering a sale of the company. The company’s board has approved Fertitta’s offer. Morton’s … continue reading
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