Landry's CEO wants to take company private, spin off subsidiary

By Lisa Kerner

Charlotte, N.C., Sept. 9 - Landry's Restaurants, Inc. said its special committee, formed in August, will wait to make a recommendation on a proposal by Tilman J. Fertitta, Landry's chairman, president and chief executive office, to acquire the company.

Fertitta notified the committee that he is interested in discussing a going-private transaction and a related tax-free spin-off of Landry's wholly owned subsidiary, Saltgrass, Inc.

Under the proposal, Fertitta would acquire all of Landry's common stock that he does not already own. Stockholders and Fertitta would then receive Saltgrass shares in exchange for Landry's shares.

The special committee will not make a recommendation on Fertitta's proposal until it has explored alternative proposals and determines that his proposal is superior to any other, according to a Landry's news release.

Landry's said it formed the committee to review strategic alternatives, including a possible sale of the company, with the assistance of Moelis & Co. LLC.

As previously reported, the Houston-based restaurant company terminated a going-private deal with Fertitta.

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