Smith & Wollensky evaluating buyout |
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Published
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Mon, 22 Jan 2007 20:13
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NEW YORK (AFX) - Steakhouse chain Smith & Wollensky Restaurant Group Inc. said Monday it is still considering a buyout proposal from Landry's Restaurant Group and has hired TM Capital Corp. as its financial adviser in the deliberations.The company formed a special committee of shareholders to evaluate Landry's offer to buy the chain operator for about $64.4 million in cash. The restaurant and hotel operator made the offer last week in a letter to the New-York based company.Landry's would buy the chain for $7.50 per share. Smith & Wollensky has about 8.6 million shares outstanding.Landry's was hoping a deal would close by early in the second quarter of this year.Smith & Wollensky shares rose 3 cents to $7.33 in afternoon trading on the Nasdaq.On the New York Stock Exchange, Landry's shares shed 78 cents, or 2.5 percent, to $30.28.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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