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A Landry’s Restaurants shareholder has filed a lawsuit seeking class-action status, alleging that the company’s planned $238 million buyout by a group led by chairman and chief executive Tilman Fertitta is “unfair and grossly inadequate.” A spokesman for Landry’s said he didn’t see any merit to the lawsuit.
Last week, Landry’s reached a buyout deal with Fertitta at $14.75 a share, valuing the company at $238 million. Fertitta, right, has been trying to take Landry’s private for almost two years, offering $23.50 a share in January 2008 before the credit crunch and other developments derailed several offers.
Landry’s shares fell 2.9 percent Wednesday, closing at $15.03, down 45 cents. Dow Jones Newswires; Associated Press file photo
