Landry’s accepts 35% cut in Fertitta’s bid

HOUSTON Landry's Restaurants Inc. said Saturday it had accepted a 35.7-percent lower offer from founder and chief executive Tilman Fertitta to buy the 61 percent of the restaurant and gaming company he does not already own.

The adjusted price of $13.50 per share, down from the $21 that Landry’s and Fertitta had agreed upon in June, still marked a 49-percent premium over the company’s Friday closing stock price of $9.08 a share. Fertitta’s original tender offer

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