Restaurant, hospitality and entertainment company Landry's Inc., formerly Landry's Restaurants, Inc., on Friday said it has sent a letter requesting response to its $22 per share takeover offer to Ark Restaurants Corp. (ARKR: Quote).
The company said it is very disappointed by the silence for its proposal to discuss a negotiated transaction between both companies at a significant premium to its current and recent market price, that would provide immediate liquidity and enhanced value for all stockholders.
On February 8, Ark Restaurants had acknowledged the receipt of an unsolicited proposal from Landry's, but said its board would review the proposal and urged its shareholders not to take any action.
Landry's Chairman and CEO Tilman Fertitta said in the letter, "We do not comprehend how the Board can issue a generic release stating that it will "review" our proposal...... and then fail to reach out to us to discuss it. We believe this lack of engagement by the Board in view of our all-cash, fully-financed proposal demonstrates an utter disregard for the best interests of stockholders and is in derogation of the Board's fiduciary duties."
He added, "if as a result of our discussions and confirmatory due diligence, we find evidence of additional value inherent in the Company based on operating results, synergies or otherwise, we would be willing to consider an adjustment to our proposal to reflect this additional value."
by RTT Staff Writer
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