April 4, 2011
HOUSTON, April 4, 2011 (www.hospitalitybusinessnews.com) — Tilman J. Fertitta today announced that he intends to commence, through his affiliate LSRI Holdings, Inc., a subsidiary of Landry’s Restaurants, Inc. an all-cash offer to acquire all of the issued and outstanding shares of common stock of McCormick & Schmick’s Seafood Restaurants, Inc. not already owned by Fertitta or his affiliates for $9.25 per share. The offer will represent an attractive premium of approximately 30% to the closing price of MSSR’s shares on Friday, April 1, 2011. Fertitta already owns directly approximately 10.1% of the outstanding common stock of MSSR, making him one of MSSR’s largest stockholders.
Fertitta remarked, “We believe the offer represents a unique opportunity for MSSR’s stockholders to realize the value of their shares at a significant premium to MSSR’s current and recent stock price.” Full details of the tender offer will be included in Landry’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 MSSR stockholders. Fertitta is requesting a list of MSSR stockholders and expects to mail the formal offer to purchase and related materials to MSSR’s stockholders as soon as possible following receipt of the stockholder list.
Fertitta is fully committed to pursuing this transaction, and has secured a financing commitment from Jefferies Group, Inc. relating to the offer.