Fertitta posts
FeedPosted Jun 16th 2008 9:16AM by Jon Ogg (RSS feed)
Filed under: Management, Private equity industry, Value and lack thereof, Public or private?
Landry's Restaurants, Inc. (NYSE: LNY) has announced that it has entered into a definitive agreement with Fertitta Holdings, Inc.
Fertitta has agreed to acquire all outstanding common stock for $21.00 per share in cash. This represents a premium of approximately 37% over the closing share price of the company's common stock on April 3, 2008. This was the last day before disclosure of the revised offer made by Mr. Fertitta to acquire the company. The total value of the transaction is approximately $1.3 billion, which includes approximately $885 million of debt.
Fertitta is a newly formed entity wholly owned by the company's Chairman, President, CEO and original founder, Tilman J. Fertitta. Mr. Fertitta beneficially owns approximately 39% of the Company's outstanding shares of common stock.
Continue reading the implications and analysis at 247WallSt.com.
Posted Feb 26th 2007 9:52AM by Eric Buscemi (RSS feed)
Filed under: Newspapers, Magazines, Internet, Citigroup Inc. (C), Tribune Co. (TRB), Hilton Hotels (HLT), Dow Chemical (DOW)
MAJOR PAPERS:
- According to the Wall Street Journal, citing sources close to the situation, Las Vegas casino company Station Casinos Inc (NYSE: STN) has entered into a definitive agreement with Fertitta Colony Partners to be acquired by the company for about $5.5B and taken private.
- The Wall Street Journal's "Heard on the Street" column reported that many investors are getting cautious on REITs, saying "If Sam Zell is selling, I should too." The article advises to be cautious, and not to flood the REIT market, but not to be too worried by these signs.
OTHER PAPERS:
- In more Sam Zell related news, the Chicago real estate billionaire who just sold his office development company for $39B wants to buy the Tribune Company (NYSE: TRB), according to the New York Times.
- Also according to the New York Times, Citigroup Inc (NYSE: C) is expected to name Gary Crittenden as its new CFO, replacing Sallie Krawcheck.
- According to Bloomberg, Dow Chemical Co. (NYSE: DOW) is expected to receive an LBO offer of up to $54B, or $60 per share, from a private equity consortium.
- According to the Sunday U.K. Times, EQT is close to acquiring Hilton Hotels Corporation (NYSE: HLT) Scandic Hotels for around $1B.
- The Associated Press, citing an Iranian State-run radio, is reporting that President Mahmoud Ahmadinejad said Iran will move forward with its nuclear program despite international demands to halt the uranium enrichment.
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