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McCormick & Schmick’s gets $137.3M bid

Landry’s Tilman Fertitta offers all-cash buyout bid for seafood operator

McCormick & Schmick’s Seafood Restaurants Inc. received a $137.3 million buyout offer Monday from Tilman J. Fertitta and his LSRI Holdings Inc. group, which is a subsidiary of Landry’s Restaurants Inc.

The offer includes an all-cash bid of $9.25 per share, a 30-percent premium to McCormick & Schmick’s per-share closing price of $7.21 on Friday. On Monday morning, shares jumped more than 29 percent to top Fertitta’s offer.

Fertitta is the founder and chief executive of Landry’s Restaurants, the Houston-based casual-dining and gaming company that he took private in a $1.4 billion buyout last year. He already owns 10.1 percent of all common shares of the Portland, Ore.-based McCormick & Schmick’s, which operates 96 restaurants including its namesake upscale seafood chain and The Boathouse brand in Canada.

“We believe the offer represents a unique opportunity for [McCormick & Schmick’s] stockholders to realize the value of their shares at a significant premium to [McCormick & Schmick’s] current and recent stock price,” Fertitta said in a statement.

Fertitta also has secured a financing commitment from Jefferies Group Inc., the statement said.

Correction: An earlier version of this story misstated the buyout price for Landry's Restaurants. The company was purchased for $1.4 billion last year.

Contact Sarah Lockyer at [email protected]
 

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