McCormick and Schmick’s Rise as Buyout Looms
McCormick and Schmick’s Seafood Restaurants (NASDAQ:MSSR) saw shares rise this morning over $2.00 per share to $9.20 per share. This marks a 29% increase from the stocks closing price on Friday April 1 of $7.12. Nearly five times the average daily trading volume has been traded this morning heading towards the midday trading hours. This large increase comes as the announcement of a possible buyout of the seafood restaurant chain.
Landry’s Restaurants Inc. Founder and Chief Executive Officer Tilman J. Fertitta has offered to buy the Portland, OR based restaurant chain for $137.2 million in cash. CEO Fertitta valued the company at nearly $9.25 per share. Shares of McCormick and Schmick’s have traded above $10 per share as recently as March 1, however poor fourth quarter results have driven shares down in recent weeks closing near $7.
Mr. Fertitta purchased Landry’s last year for nearly $1.4 billion in cash. He plans to pursue the acquisition through LSRI Holdings Inc a subsidiary of Landry’s Restaurants.
About McCormick and Schmick’s
McCormick and Schmick’s Seafood Restaurants, Inc. operates seafood restaurants in the upscale dinning segment. The company’s restaurants primarily serve casual diners, families, tourists, business travelers, and special occasion diners. It also operates full service bars.