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CEO Wants to Buy Landry's

He offers roughly $1.3 billion.
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Landry's Restaurants

(LNY)

said Chairman and CEO Tilman J. Fertitta is offering to acquire the owner of Rainforest Cafe and Crab House for roughly $1.3 billion.

The company said Fertitta sent a letter to the board saying he would pay $23.50 for each share of Landry's, representing a 41% premium over the Friday close. Fertitta owns around 39% of Landry's equity.

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Landry's said its board has established a special committee of independent directors to review the proposal. Shares of Landry's were gaining 26.2% to $21.04 Monday. The stock has traded between $14.18 and $32.30 in the past year.

This article was written by a staff member of TheStreet.com.