Landry's Restaurant’s (LNY), CEO Fertitta has been trying hard to make the company private through numerous efforts.
The stock prices of LNY have had a roller coaster ride. The shareholders were frustrated with the constantly rising and dropping share prices. Despite this trend shareholders were hoping there would be something good coming their way and recently Fertitta made an offer for the company at $21 per share or $341 million. This was however 16% lower than the company’s market price.
Fertitta made such efforts earlier too. In the year 2008 an initial offer of $23.50 per share was introduced but due to the economic slump the share price was brought down to $21 per share. Landry’s continued to suffer losses and the prices were reduced to $13.50. After all this the Securities and Exchange Commission reviewed the company’s financing documents and refused the buyout deal. The issues were resolved soon and Fertitta came up with another bid of $14.75 in November 2009.
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Shareholders were disappointed with all this. At the same time Pershing Square Capital Management's William Ackman purchased a 9.9% stake in Landry's and agitated for a better deal.
Past year LNY made losses its revenue dropped from $1.144 billion to $1.06 billion.
Soon after this the company decided to make its balance sheets look neat and also lower its costs. Last year they posted $178.6 million in EBITDA.
Fertitta now owns 55% of the company shares, the price at which he is offering the shares are still 12% below the market price.
