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Message Boards Settings Landry's Restaurants Inc. - Quote Info
Re: Another offer??      6-Nov-09 01:04 pm    
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.


Sentiment : Sell
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brunomes


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  Subject Author Rating Time of Post (ET)  
 
The margin bt todays close and the Fertitta offer seems...
paterson091... Rate it 5-Nov-09 04:31 pm  
 
Very improbable, if not impossible. Why? No comp...
oilman95762 Rate it 6-Nov-09 02:48 am  
 
Your view makes good sense. Silly me, I forg...
paterson091... Rate it 6-Nov-09 08:17 am  
 
Re: Another offer??
brunomes Not rated 6-Nov-09 01:04 pm  
 
I do not understand why it is trading at $15.30 ri...
lildudestor Rate it 9-Nov-09 10:46 am  
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Landry's Restaurants Inc. (LNY)

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