Fertitta Signs Agreement to Acquire Morton's Restaurant Group at $6.90 Per Share
Tilman J. Fertitta announced today that his wholly-owned company, Fertitta's Morton's Restaurants, Inc. and is wholly owned subsidiary Fertitta Morton's Acquisition, Inc. have signed an Agreement to acquire 100% of Morton's Restaurant Group, Inc. (NYSE: MRT) for $6.90 a share.
Fertitta will acquire MRT through an all-cash tender and merger. The tender offer will commence no later than 10 business days from the date hereof. The price for the MRT shares represents a premium of approximately 34% to the closing price on Thursday, December 15, 2011. Tilman J. Fertitta already owns approximately 5% of the outstanding common stock of MRT, making him one of MRT's largest individual stockholders.
Tilman J. Fertitta remarked, "Morton's is one of the most recognizable and successful high-end steak brands in the world. They are a dominant operator in the high-end steak category. Morton's will be refreshed and modernized while still maintaining its first class atmosphere and food quality. The Morton's guests will continue to receive exceptional food and service, and we plan to introduce new food items and expand our culinary offerings."
According to Christopher J. Artinian, President and Chief Executive Officer of MRT, "Tilman has an outstanding portfolio of restaurants. He really understands the value of the Morton's brand and our people, and is well-positioned to further enhance our reputation as the world's best steakhouse."
Morton's Steakhouse is a leading operator in the upscale steakhouse segment generating over $300 million in annual revenues and operates over 70 restaurants in 26 states in the U.S., Toronto, Canada, San Juan, Puerto Rico, Hong Kong, Shanghai, Singapore, Mexico City and Macau.
Advertisement
ABOUT FERTITTA Mr. Fertitta formed and created Fertitta Morton's Restaurants, Inc. and Fertitta Morton's Acquisition, Inc. to enter into the transaction to acquire Morton's Restaurant Group, Inc. Both of Mr. Fertitta's newly formed companies are affiliates of Mr. Fertitta's highly acclaimed and nationally renowned hospitality, restaurant and entertainment company, Landry's, Inc.
Landry's is a national, diversified restaurant, hospitality and entertainment company principally engaged in the ownership and operation of high end and casual dining restaurants, primarily under the names of Landry's Seafood House, Rainforest Cafe, The Chart House, Bubba Gump Shrimp Co., Claim Jumper, Saltgrass Steak House and Oceanaire, as well as a fine dining signature group of restaurants: Vic & Anthony's, Grotto, Willie G's and others. The Company is also engaged in the ownership and operation of gaming, hospitality and entertainment businesses, including the Golden Nugget Hotel & Casinos in Las Vegas and Laughlin, Nevada, and Atlantic City, the Kemah Boardwalk, the San Luis Resort Hotel, and the Downtown Aquariums in Denver and Houston. Landry's and Mr. Fertitta's affiliated companies will generate approximately $2 billion in revenues in 2011.
Full details of the tender offer will be included in Fertitta's formal offer to purchase and related materials which will be publicly filed with the Securities and Exchange Commission on Schedule TO and subsequently mailed to MRT stockholders. The tender offer will be subject to customary conditions, including, among other things, there being validly tendered and not withdrawn, prior to the expiration of the offer, that number of shares of common stock of MRT, that would represent at least a majority of the total number of then-outstanding shares calculated on a fully diluted basis.
