To me it makes no sense that the stock is trading above Fertitta's offer price. Another bidder paying more than $14.75 is unlikely. To justify breaking the deal they would need to pay ~ $16 or higher. Other bidders had a chance of buying the company at much lower prices but didn't. Plus Landry's has some seriously underperforming properties like the Golden Nuggett and the Aquariums.

Shareholders putting pressure for Fertitta to raise the bid? I don't think so. He already owns 55%. To that the stakes held by typical passive investors like DFA (9%), Barclays (4% - mainly ETFs and quantitative funds), Vanguard (3.6%). Those 4 holders represent almost 72% of the vote.

I give it a greater than 60% chance that the deal will close at $14.75, and a 25-30% chance that the deal falls through because of financing, a 10% chance of a higher bid than $14.75. Good luck to whoever is still long the stock above $14.75.