Fertitta lowers Landry's buyout offer

HOUSTON Landry's Restaurants Inc. chairman and chief executive Tilman J. Fertitta has lowered his bid to acquire the company, citing "significantly worsened" credit markets, the company said Friday.

Fertitta said in a letter this week to Landry's board that he would acquire all the company's outstanding stock for $21 per share. That represents a $40 million difference from his original offer of $23.50 a share. Including debt, the deal is valued at $1.3 billion.

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