NEW YORK ( TheStreet) -- Shares of Morton's Restaurant Group ( MRT) skyrocketed Friday after an announcement the company was being acquired by a Landry's Restaurants affiliate.

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.

Landry's agreed to acquire McCormick & Schmick's Seafood Restaurants ( MSSR) last month for $8.75 a share in cash, or $131.6 million, a 29% premium.

-- Written by Alexandra Zendrian

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