Shareholders of Landry’s Restaurants approve buyout offer of $1.4 billion

Shareholders of Golden Nugget owner Landry's Restaurants approved a $1.4 billion buyout by chief executive Tilman Fertitta that will take the company private.

Houston-based Landry's announced Monday that shareholders approved the agreement. The transaction is expected to close Wednesday.

Fertitta, the company's founder who owns about 55 percent of the outstanding shares, has been trying to take the business private since 2008.

In June, Fertitta, a cousin of Station Casinos' founding Fertitta family, raised his bid by 50 cents to buy all outstanding shares of Landry's for $24.50 a share.

In November 2009, Fertitta offered $14.75 per share to take Landry's private, but shareholders resisted the offer. One of the shareholders who opposed the bid was Pershing Square Capital Management, Landry's second-largest shareholder, which has about 10 percent of the company.

In early May, Fertitta raised his bid to $21 a share. The proposal was increased by another $3 a share later in the month.

In a brief statement, Landry's said the buyout by Fertitta, the company's chairman and chief executive officer, "was approved by both the affirmative vote of the holders of a majority of the outstanding shares of Landry's common stock and the holders of a majority of Landry's common stock" at a special meeting.

Contact reporter Howard Stutz at hstutz@reviewjournal.com or 702-477-3871.