Fertitta Stakes a Claim for Morton's Restaurant Group at $6.90 Per Share
- Published on Friday, December 16, 2011
Through his wholly-owned company Fertitta's Morton's Restaurants, Tilman J. Fertitta has signed an agreement to acquire Morton's Restaurant Group, Inc. (NYSE:MRT) for $6.90 a share.
This represents Fertitta's second major deal in roughly a month. In November he finalized a deal to acquire McCormick & Schmick's. Fertitta will acquire MRT through an all-cash tender and merger.
Morton's Steakhouse is an upscale chain that generates more than $300 million in annual revenues through its more than 70 restaurants in 26 states in the United States, Toronto, Canada, San Juan, Puerto Rico, Hong Kong, Shanghai, Singapore, Mexico City and Macau.
Fertitta created Fertitta Morton's Restaurants, Inc. with the intent to buy Morton's Restaurant Group, Inc. This new company is an affiliate of Landry's Inc., Fertitta's hospitality, restaurant and entertainment company that is principally engaged in the ownership and operation of high end and casual dining restaurants.
