- China Overcapacity Worsening, EU Chamber Warns
- Investing in Good Karma – and Making a Profit
- China Unveils Carbon Target Ahead of Copenhagen
- Wal-Mart Price Pressure Hurts China Workers: Report
- UK Banks Must Disclose Top Pay: Review
- Black Friday to Avoid Red Ink; Greenback Gets the Blues
- Bankruptcies Jump, Hitting Highest Level in Four Years
- Steepest Black Friday Discounts, Revealed
- Where Do Pardoned Turkeys Go?
- 4 Thanksgiving Week Buys For Your Portfolio: Market Pros
- There's a 'Great Chance' For a Double-Dip Recession: Strategist
- Revenge of the Gangsta Nerds
- Will TCU See The "Flutie Effect?"
- Retail Earnings and Sales to Improve in Q4: Analyst
- Consumers Catching the Holiday Spirit
- It's Beginning To Look A Lot More Riskless
- Crescenzi: Claims Level Suggests End to Job Losses
- Hedge Funds Take Early Lead in Warren Buffett's 'Big Bet'
- China announces plan to boost energy efficiency
- Malaysia plans 4 percent sales tax by 2011
- Australian tax office bills TPG for $629 million
- Neb. drops theft charges against auto executives
- Judge tells Reserve Primary fund to pay out assets
- Freedom Comm. discloses buyer for Arizona paper
- AIG cuts salaries to 3 top executives
- Correction: Credit Suisse-Colorado story
- Global Defense Technology & Systems closes IPO
Text Size 
CHICAGO - Shares of restaurant chain Landry's Restaurants Inc., which is being taken private by its CEO, rose to a 21-month intraday high Monday after a shareholder announced plans to oppose the $1.2 billion deal.
In a regulatory filing Friday, representatives of Pershing Square Capital Management disclosed a nearly 10 percent stake in the restaurant chain. They also said they would oppose CEO Tilman Fertitta's bid to buy the remaining shares of the company that operates Landry's Seafood House, Chart House, Rainforest Cafe and others as well as hotels and the Golden Nuggets Hotels and Casinos in Nevada.
Fertitta already owns a 55.1 percent stake in the company and earlier this month offered $14.75 per share for the rest of the restaurant chain.
The deal still needs shareholder approval and is contingent on the company refinancing part of its debt. If both conditions are met, it could close in the first half of 2010.
Landry's is the nation's second-largest operator of seafood restaurants, behind Red Lobster owner Darden Restaurants Inc.
Meanwhile, Pershing Square is led by activity financier William Ackman who lost a bid to enlarge Target's board and infuse it with new blood earlier this summer
Landry's shares climbed $4, or 24.8 percent, to $20.20 in midday trading Monday.
Its stock hasn't traded that high since February 2008.
Print
Email
- For nearly three decades, these on-call experts have been dishing advice on how to – and not to – cook turkey.
- Eric Schmidt pledges to create a virtual copy of the Iraq National Museum at Google’s expense.
- Bill Griffeth is taking a leave of absence from CNBC and Power Lunch for a year. Here's a message from Bill.
- More shoppers than ever plan to comparison-shop this season. Who will benefit?
- It may be the most unusual guide to business you'll read.
- How can you get out of debt and back on the road to recovery? Follow these ten steps.
Data is a real-time snapshot *Data is delayed at least 15 minutes