NEW YORK, June 19, 2008 (PRIME NEWSWIRE) -- Levi & Korsinsky, LLP announces that it has commenced an investigation into the proposed acquisition of Landry's Restaurant, Inc. ("Landry" or the "Company") (NYSE:LNY).
On June 16, 2008, Landry announced that it has entered into a definitive merger agreement with Fertitta Holdings, Inc., a corporation owned by Tilman J. Fertitta, Chairman, President and Chief Executive Officer of Landry's. Under the terms of the proposal, Landry's shareholders would receive $21.00 per share in cash, or approximately $415 million. The proposed purchase price is 11% lower then the $23.50 previously offered by Mr. Fertitta on January 27, 2008. Mr. Fertitta owns 39% of the Company's outstanding shares of common stock. The proposed acquisition is expected to be completed in four months. Upon closing, Landry will no longer be publicly traded and the surviving corporation in the merger will be privately owned by an affiliate of Fertitta Holdings, Inc. If you own common stock in Landry and wish to obtain additional information please contact us at the number listed below.
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About Landry's Restaurants
Landry's Restaurants, Inc., a restaurant, hospitality, and entertainment company, owns and operates full-service casual dining restaurants in the United States. The company operates its restaurants under the names Rainforest Cafe, Saltgrass Steak House, Landry's Seafood House, The Crab House, Charley's Crab, and The Chart House. Its restaurant concepts include upscale steak and seafood restaurants, and casual theme-based restaurants. The company also owns and operates select hospitality businesses, including hotel and casino resorts that provide its customers with dining, leisure, and entertainment experiences comprising the Golden Nugget Hotels and Casinos in downtown Las Vegas and Laughlin, Nevada. As of December 31, 2007, it owned and operated approximately 179 full-service and limited-service restaurants in 28 states. The company was founded in 1980 and is based in Houston, Texas.