Landry's Restaurants said its board had approved a $1.2-billion acquisition offer from a company owned by Chairman and Chief Executive Tilman J. Fertitta.
The owner of Rainforest Cafe and other restaurants said Fertitta's company would pay $14.75 a share for Landry's stock it doesn't already own. Fertitta owned about 55.1% of the shares as of Monday.
The offer is about a 37% premium over Landry's closing stock price of $10.76 on Monday. After the deal was announced, the company's shares shot up nearly 28%, or $2.93, to close at $13.69. The deal still must be approved by shareholders.