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    Texas tycoon moves closer to buying Morton's

    Associated Press – Wed, Feb 1, 2012

    HOUSTON (AP) — Houston restaurant tycoon Tilman Fertitta moved one step closer this week to buying the upscale steakhouse chain he's been eyeing, Morton's Restaurants Inc.

    Fertitta announced Wednesday that he's been able to acquire more than 90 percent of Morton's shares after persuading shareholders to sell them for $6.90 per share. That clears the way for Fertitta and his company, Landry's Inc., to complete the Morton's purchase without asking Morton's shareholders for approval.

    That's important because a few shareholders had tried to block the purchase, saying it undervalued Morton's.

    The $6.90 per share offer might be underwhelming compared to Tuesday's closing price of $6.89 per share. But that's a big premium to Morton's stock price of $5.16 per share in mid-December, right before Fertitta announced his intentions.

    The offer values Morton's at about $117 million.

    Morton's shares rose a penny to $6.90 per share in morning trading Wednesday.

    Fertitta's company, Landry's, runs casinos, hotels and restaurants including Landry's Seafood House and Bubba Gump Shrimp Co. Earlier this month, it bought the high-end restaurant McCormick & Schmick's.

    Fertitta has praised Morton's, which has about 70 locations, as "one of the most recognizable and successful high-end steak brands in the world." But he's also promised it will be "refreshed and modernized" under his ownership.

     

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