Landry's CEO makes offer to buy company

January 28, 2008 3:47:56 PM PST
The chairman of Landry's has made an offer to take the restaurant and casino company private. Landry's chairman and CEO, Tillman Fertitta, is offering to buy the 16 million shares of Landry's that he doesn't own for nearly $400 million in cash. Fertitta is offering $23.50 a share, a 41 percent premium over Friday's closing price. His offer today sent Landry's shares nearly 25 percent higher in trading.

The deal totals $1.3 billion, including $900 million in assumed debt. Landry's board says it will review the offer.

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