It seems the founder of Landry’s, the company that owns the Rainforest Cafe, the Yak and Yeti Restaurant at Disney’s Animal Kingdom, and the soon-to open T-Rex Restaurant at Downtown Disney, has purchased the company:
Landry’s Restaurants Inc., owner of dozens of restaurants across the nation including the Chart House and Rainforest Cafe chains, said Monday that it had agreed to a buyout by its founder that values the company at $415 million.
Landry’s stock climbed $2.98, or 18%, to $19.77 on the news, the biggest gain since Jan. 28, when Chief Executive Tilman J. Fertitta first offered to buy the 61% of the company’s shares he didn’t already own.
Fertitta Holdings Inc. made a $21-a-share bid, Houston-based Landry’s said. The CEO reduced an earlier offer by 11%, citing credit-market conditions that made it more expensive for him to obtain financing.
The buyout is set to be completed in four months, Landry’s said. The deal includes Fertitta’s stake and transaction costs. The company also has $885 million in debt.
We’ll have to wait and see if this sale affects the Walt Disney World resort in any way over the next few years, especially with Landry’s in such poor financial shape.
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