TWO of the biggest seafood restaurant chains in the United States are engaged in what is shaping up to become an intriguing takeover battle.
Tilman J. Fertitta, owner and founder of rival Landry's Restaurants Inc. has offered to buy the iconic McCormick & Schmick's Seafood Restaurants Inc in a deal worth an estimated $137.2 million.
According to reports , Mr. Fertitta said he plans to make the offer through a unit of Landry's, which has spent the past few years snapping up novelty restaurant chains, from the casual Bubba Gump Shrimp chain to the Oceanaire chain of fine-dining seafood restaurants and the Western-themed Claim Jumper steakhouses. He took Landry's private last year in a deal valued at about $1.4 billion. Mr. Fertitta already has a stake worth just over 10 per cent in McCormick & Schmick's, making him one of its largest shareholders.
McCormick & Schmick’s has said it did not solicit such an offer and has had no discussions with Mr. Fertitta concerning it. The company stated that if the offer is formally made, the McCormick & Schmick’s board of directors would respond appropriately in accordance with its fiduciary duties." The board has made no decision at this point whether to initiate or enter into discussions with Mr. Fertitta or any other party or to consider any sale or other strategic transaction concerning the Company.,"the statement added.
McCormick & Schmick's is one of those fairy tale American business stories which began in the 1970s.Since teaming up Bill McCormick and Doug Schmick have established more than 80 restaurants throughout the country. The two men, very different yet surprisingly compatible, have established themselves as passionate entrepreneurs with one collective vision, to run the nation's premier family of seafood restaurants.
It is a broadly similar story with Landry's. The first restaurant opened in the town of Katy, Texas in 1980 and has continued to grow from coast-to-coast specialising in seafood, but offering a wide range of non-fish dishes as well. The chains includes popular names such as operator of Landry's Seafood House, Willie G's Seafood & Steak House, The Crab House and more, has continued to rise above the tide with its winning recipe for success - good, fresh seafood, excellent service and great locations.
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