Landry's accepts Fertitta's buyout offer

HOUSTON Landry's Restaurants Inc. said Tuesday it had agreed to a $1.2 billion buyout offer from founder Tilman J. Fertitta, who has been trying to take the company private for more than a year.

Fertitta, who is chairman, chief executive and president of Landry's and holds more than 55 percent of its stock, offered $14.75 in cash for each share he doesn't already own. The offer represents a 37-percent premium over Landry's closing share price of $10.76 on Monday.

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