HOUSTON The board of Landry’s Restaurants Inc. is advising shareholders to vote in favor of the $21-a-share buyout offer that was tendered last month by chairman, chief executive and president Tilman J. Fertitta. The recommendation, which was included in a proxy statement filed Thursday, stresses that Fertitta had no part in the deliberations.
The board voted unanimously to recommend acceptance of the $415 million share purchase. Fertitta would also assume the dining and entertainment company’s $885 million in debt, which raises the total value of the deal to $1.3 billion. Fertitta, the company’s founder, already owns 39 percent of Landry’s.
Fertitta had originally bid $23.50 per share for the company, but tempered his offer as the credit markets deteriorated.
Landry’s operates 139 casual restaurants, two Golden Nugget casino-hotels, an aquarium and other entertainment facilities. Its restaurant brands include Landry’s Seafood House, Chart House, Rainforest Cafe and Salt Grass Steak House.