Tilman Fertitta is one step closer to owning all the world's seafood restaurants.
Landry's has reached an agreement to purchase McCormick & Schmick's, paying $8.75 per share of MSSR stock in an all-cash merger deal. Landry's owner Fertitta first announced ambitions to purchase McCormick's & Schmick's back in April, but his proposal was rejected by the MSSR board in lieu of further sales negotiations.
The current offer represents a premium of 30 percent over the most recent stock value, but it is five percent lower than the original offer of $9.25 per share.
“We have been a fan of the McCormick & Schmick’s brand for years," Fertitta said in a press release. "As a public company, MSSR fell victim to the need to grow and located some restaurants in secondary markets which were adversely impacted to a greater degree by the economic downturn. However, Landry’s size, strength and financial resources will positively accelerate the future for MSSR.”
The purchase adds 80 McCormick & Schmick's seafood restaurants nationwide to the Landry's portfolio. It's the latest of several purchases by Fertitta in recent months, including Eva Longoria's Beso in Las Vegas, Oceanaire Seafood Room, Bubba Gump Shrimp Co., Claim Jumpers and Donald Trump's Atlantic City casino.