McCormick & Schmick’s Seafood Restaurants has confirmed that on April 7, 2011, Tilman J. Fertitta, through his affiliate LSRI Holdings, Inc., a subsidiary of Landry’s Restaurants, Inc., commenced an unsolicited tender offer to acquire all outstanding common shares of McCormick & Schmick’s not already owned by Fertitta or his affiliates at a price of $9.25 per share in cash.
Consistent with its fiduciary duties and as required by applicable law, McCormick & Schmick’s Board of Directors is reviewing the offer to determine the course of action that it believes is in the best interests of the Company and its stockholders. McCormick & Schmick’s stockholders are advised to take no action at this time pending conclusion of the review of the tender offer by McCormick & Schmick’s Board of Directors.
McCormick & Schmick’s Board of Directors, in consultation with its independent financial and legal advisors, intends to advise stockholders of its formal position regarding the offer within ten business days from the date of commencement of the unsolicited tender offer by making available to stockholders and filing with the U.S. Securities and Exchange Commission (the “SEC”) a Solicitation/Recommendation Statement on Schedule 14D-9.
Piper Jaffray & Co. is serving as financial advisor to McCormick & Schmick’s and Davis Wright Tremaine LLP is serving as its legal counsel.
McCormick & Schmick’s Seafood Restaurants, Inc. is a leading seafood restaurant operator in the affordable upscale dining segment. The Company now operates 96 restaurants, including 89 restaurants in the United States and seven restaurants in Canada under The Boathouse brand. McCormick & Schmick’s has successfully grown over the past 39 years by focusing on serving a broad selection of fresh seafood.