Landry's CEO makes offer for company

By Lisa Kerner

Charlotte, N.C., Jan. 28 - Landry's Restaurants, Inc. chairman, president and chief executive officer Tilman J. Fertitta wants to buy the company for $23.50 cash per share, it was announced on Monday.

The per-share price is a 41% premium over the stock's closing price on Jan. 25, according to a company news release.

Fertitta proposed acquiring all of the company's outstanding common stock in a transaction valued at $1.3 billion.

The CEO will contribute his 39% equity ownership as well as "additional substantial cash equity" in the deal.

Landry's board of directors has formed a special committee of independent directors to review the proposal.

Landry's is a Houston-based diversified restaurant hospitality and entertainment company.

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