Tilman Fertitta, a Houston-based restaurant and casino magnate has launched a hostile takeover bid for Portland-based McCormick and Schmick’s.
Tilman Fertitta, a Houston-based restaurant and casino magnate has launched a hostile takeover bid for Portland-based McCormick and Schmick’s.
Fertitta currently owns about 10.1% of McCormick & Schmick’s shares, and proposed to buy the company for $9.25 a share, or about $137.3 million.
Fertitta owns Landry Restaurants Inc., a chain he acquired for $1.4 billion last May after a two-year battle with shareholders that included lawsuits, last-minute deals and an ever-rising price tag.
The offer comes at a tumultuous time for the McCormick & Schmick’s, which has watched its share price hover between $7 and $10 after nose-diving to $1.46 in March 2009. As with many restaurants companies big and small, McCormick & Schmick’s struggled to attract diners through the recession. It also contended with more typical growing pains of new leadership, expansion and the fact that its far-reaching locales serve up a variety of issues, from extreme weather on the East Coast to last year’s oil spill on the Gulf Coast.
Read more at OregonLive.com.
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