Smith & Wollensky Eaten Up - TheStreet

Smith & Wollensky Eaten Up

The company agrees to a buyout by privately held Patina Restaurant Group.
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Steak seller

Smith & Wollensky

(SWRG)

agreed to be acquired by privately held Patina Restaurant Group for $9.25 a share -- a price that trumps an earlier offer from

Landry's Restaurant Group

(LNY)

.

The Patina deal represents a 13% premium over Smith & Wollensky's closing price of $8.20 Friday, and an 84% premium over the company's stock price in early January.

Smith & Wollensky shares surged in mid-January after Landry's offered to buy the company for $7.50 a share. At the time, Smith & Wollensky said it was considering the unsolicited proposal but called the offer highly conditional.

Under the deal with Patina, Smith & Wollensky CEO Alan Stillman will acquire the company's restaurants currently operated in New York and certain other assets.

Smith & Wollensky currently has 13 restaurants. Patina operates upscale restaurants, including The Sea Grill at New York City's Rockefeller Center and Pinot Brasserie in Las Vegas.

The deal is expected to close in the second quarter.

Shares of Smith & Wollensky recently were up 97 cents, or 12%, to $9.17.