Landry’s to buy Morton’s for $116.6M

Landry’s to buy Morton’s for $116.6M

Tilman J. Fertitta, owner of Landry’s Inc., said Friday he has agreed to buy Morton’s Restaurant Group Inc., the owner of the 77-unit steakhouse chain, for about $116.6 million.

Fertitta said he has offered $6.90 per share for Morton’s outstanding stock, a 34-percent premium over Morton’s close of $5.16 a share on Thursday. Morton’s has 16.9 million outstanding shares that have traded between $4.18 and $7.75 in the past 52 weeks. Fertitta already ow

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