Two and a half years after his initial overtures, Landry's CEO Tilman Fertitta is still in negotiations to take the restaurant and entertainment company private — but he's closer than ever.
Fertitta already controls 55.1 percent of the company's shares. This week he scored a breakthrough when Pershing Square Capital Management, which owns of 10 percent of Landrys stock, agreed to sell at $24.50 per share, an increase of 50 cents a share over Fertitta's last offer. The Wall Street Journal reports that this new offer has the approval of Landry's special shareholder committee.
In the past, Landry's shareholders — including Pershing Square — balked at Fertitta's buyout attempts.
Though other Landry's stock owners must still vote to accept the bid and a retain a "go shop" period to try to obtain higher offers, if the figure stands the purchase will be worth $1.4 billion.
The $24.50 per share figure is 60 percent higher than the original sale figure of $14.75 approved by the Landry's board of directors in November.