Morton's is one of the largest operators of company-owned upscale steakhouses. Under the deal, Tilman Fertitta, the CEO of Landry's, is buying Morton's for $6.90 a share in cash, or about $116.6 million, a 34% premium to Morton's closing price Thursday of $5.16.
Morton's shares rose more than 32% midday Friday to $6.83.
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