Bubba Gump Shrimp owner to buy Morton’s steakhouse chain
Fertitta’s company, Houston-based Landry’s Restaurants Inc., will buy Morton’s for $6.90 a share, a 34% premium on Thursday’s $5.16 closing price. That's about $117 million total.
The upscale steakhouse chain has a glittering past, including 14 years as the host to Vanity Fair’s famed Oscar party in West Hollywood. There are 11 Morton’s locations in California.
Morton’s board of directors has unanimously approved the deal, which Fertitta plans to finance through cash and debt and which is expected to close in early February. In midday trading Friday in New York, Morton’s shares were up 32.6% to $6.84.
Last month, Landry’s scooped up McCormick & Schmick’s Seafood Restaurants for $131.6 million after months of hostile takeover attempts.
-- Tiffany Hsu
Photo: A 48-ounce porterhouse steak at Morton's in Santa Ana. Houston-based Landry’s Restaurants Inc. will buy the Morton’s chain. Credit: Robert Lachman / Los Angeles Times