Landry Closer to Buying Morton’s


CHICAGO — Landry’s Tilman Fertitta has acquired 90 per cent of Morton’s shares in an effort to buy the popular steakhouse without shareholder approval.

Fertitta announced his intention to buy the steakhouse in December for an estimated $116.6 million. It appears that although the Board had unanimously approved the deal, a number of shareholders were against it and tried to block it.

The restaurant has obvious appeal. “Morton’s is one of the most recognizable and successful high-end steak brands in the world,” Fertitta said of the eatery he plans to “modernize” and “refresh.”

Landry’s runs casinos, hotels and restaurants, including Landry’s Seafood House and Bubba Gump Shrimp Co. Earlier this month, it bought the high-end restaurant McCormick & Schmick’s. Chicago-based Morton’s operates steakhouses in 26 states and five foreign markets, including Canada.

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