Landry’s Inc., the owner of the Rainforest Cafe and Bubba Gump Shrimp Co. chains, agreed to buy McCormick & Schmick’s Seafood Restaurants Inc. for about $131.6 million to add to its stable of brands.
The all-cash deal at $8.75 a share is expected to close in late December or early January, the companies said today in statements.
Landry’s Chief Executive Officer Tilman J. Fertitta terminated an offer in July to buy Portland, Oregon-based McCormick & Schmick’s for $9.25 a share. Fertitta owned about 10.1 percent of the company and was the largest shareholder as of July 14, according to Bloomberg data.
McCormick & Schmick’s rose 27 percent to $8.62 at 8:10 a.m. in New York. The shares had fallen 26 percent this year before today.
There are about 90 McCormick & Schmick’s restaurants in the U.S. and Canada. Landry’s is based in Houston.
There are two Denver-area McCormick & Schmick’s — one downtown and another in the Denver Tech Center — and a single Landry’s restaurant south of the DTC.
Landry’s purchased Ocean Journey Acquarium in Denver from bankruptcy in 2003.
