In response to the news that the Houston-based Landry's Restaurants had made a bid to purchase the Portland-based chain of McCormick & Schmick's Seafood Restaurants, Mc&Sk's released the following statement to clarify that they actually weren't looking to be bought, thankyouverymuch.
McCormick & Schmick's Seafood Restaurants, Inc. [Nasdaq: MSSR] responded today to an announcement by Tilman Fertitta, the controlling stockholder of Landry's Restaurants, Inc., who issued a press release stating that he intends to commence, through an affiliate, a tender offer to acquire all shares of MSSR not owned by Mr. Fertitta or his affiliates for $9.25 cash per share. McCormick & Schmick's did not solicit such an offer and has had no discussions with Mr. Fertitta concerning it. If the offer is formally made, the McCormick & Schmick's board of directors will respond appropriately in accordance with its fiduciary duties. The board has made no decision at this point whether to initiate or enter into discussions with Mr. Fertitta or any other party or to consider any sale or other strategic transaction concerning the Company.
According to the Oregonian, the offer adds up to a $137.3 million bid; after the offer on Monday, McCormick & Schimck's stock jumped 29.5 percent ($2.10) per share.
· McCormick & Schmick's [Official site]
· All Previous McCormick Coverage [Eater PDX]
Image of McCormick & Schimck's Marina courtesy Yelp