Golden Nugget owner Landry’s agrees to CEO’s buyout offer

Golden Nugget owner Landry’s Restaurants of Houston has agreed to an increased offer from Chairman and Chief Executive Officer Tilman Fertitta, who has been trying to take the company private since last year.

Company stockholders still have to sign-off on the $24 per share bid, the company said in a statement. A Landry's special committee also has 45 days to seek a better offer.

The deal is currently worth $1.4 billion. Landry’s is traded on the New York Stock Exchange.

Fertitta, a cousin of Station Casinos founding Fertitta family, already owns 55 percent of Landry’s, which operates several restaurant brands and owns the Golden Nuggets in Las Vegas and Laughlin.

In November, Fertitta offered $14.75 per share to take Landry’s private, but shareholders resisted the offer. One of the shareholders who opposed the bid was Pershing Square Capital Management, Landry’s second-largest shareholder, which has about 10 percent of the company.

Last month, Fertitta upped his bid to $21 a share. He increased the proposal by another $3 a share earlier this week.

Landry's says yes to offer to take company private (Houston Chronicle)