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Landry’s Restaurants extends bid for McCormick & Schmick’s

THE ASSOCIATED PRESS
June 1, 2011 - 1:01 am
 

HOUSTON -- Landry's Restaurants Inc. has extended its $137.2 million offer for McCormick & Schmick's Seafood Restaurants Inc. until July 29.

Privately held Landry's issued the $9.25 per-share offer in April. It had been scheduled to expire Tuesday.

McCormick & Schmick's already turned down the unsolicited bid from shareholder Tilman Fertitta, CEO of Landry's, calling the price too low and "opportunistic." McCormick & Schmick's then urged shareholders earlier this month to reject the offer.

Fertitta is McCormick's third-largest shareholder and already controls about 10 percent of its shares.

McCormick & Schmick's has suffered during the recession as Americans cut costs by eating more meals at home or choosing lower-cost restaurants. But the company has said that it is seeking other bids and exploring strategic alternatives.

McCormick & Schmick's is based in Portland, Ore.

Shares of McCormick & Schmick's rose 35 cents, nearly 4 percent, to close at $9.15.

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