Tilman Fertitta increases bid for Landry's restaurants

Tilman Fertitta is CEO of Houston-based Landry's restaurants

June 21, 2010 9:09:37 AM PDT
Tilman Fertitta has increased his bid to buy Landry's restaurants to $1.4 billion. It's a move that has garnered him the support of a crucial shareholder, the hedge fund Pershing Square Capital Management. That company owns about 10 percent of Landry's outstanding stock, and the fund plans to vote in favor of the buy-out offer.

Fertitta is CEO of Houston-based Landry's. He's been trying to take the company private for about two years.