Is the Landry's empire expanding once again?
It is if CEO Tilman Fertitta gets his way. On Monday Fertitta announced an offer to buy outstanding shares of the Portland-based seafood chain McCormick & Schmick's through Landry's subsidiary LSRI Holdings.
The all-cash offer would price the MSSR shares at $9.25 each, more than 30 percent above the stock's closing price on Friday. The purchase, if approved by the McCormick & Schmick's shareholders, would be worth $137.3 million total.
Fertitta is already one of the largest owners of McCormick & Schmick's stock, currently holding 10.1 percent of shares. To complete the deal, Landry's has already secured funding but has not yet submitted a formal offer to purchase to stockholders or the Securities & Exchange Commision.
Fertitta took Landry's private in 2010 after nearly three years of negotiations, and has recently been on a buying spree, adding Oceanaire Seafood Room, Bubba Gump Shrimp Co. and Claim Jumpers to the Landry's family in 2010 and purchased Donald Trump's Atlantic City casino in February with plans to convert it into a Golden Nugget property.