Tilman Fertitta, CEO of restaurant operator Landry's Inc, agreed to purchase high-end steakhouse Morton's Restaurant Group Inc in a deal that values the company at about $117 million.Fertitta, who already owns about 5 percent stake in Morton's, will buy the restaurant chain for $6.90 a share -- a premium of about 34 percent to Morton's Thursday close.In March, Morton's said it was considering "strategic alternatives" including a sale to build value for shareholders.Morton's shares closed at $5.16 on Thursday on the New York Stock Exchange.
Morton?s Restaurant Group, Inc. (MRG) is engaged in the business of owning and operating restaurants under the names Morton?s The Steakhouse (Morton?s) and Trevi (Trevi). Shares of MRT remained unchanged at $5.16. In the past year, the shares have traded as low as $4.18 and as high as $7.75. On average, 24742 shares of MRT exchange hands on a given day and today's volume is recorded at 1355260.
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