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Landry’s Restaurants Inc. said Monday it was terminating a planned deal under which its chief executive, Tilman Fertitta, would have taken the company private, but it plans to refinance $400 million in senior debt. Its shares tumbled about 34 percent in morning trading.
Landry’s, which owns the Downtown Aquarium in Denver, said the going-private deal was scuttled because of a conflict with the Securities and Exchange Commission and its lenders about disclosing terms that the lenders insisted were confidential.
By scrapping the going-private transaction, the company said it could preserve an alternative-financing agreement reached with the same lenders that it expects to close by the end of February.
Bloomberg News
