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Landry's Restaurants, Inc. Announces Status of Acquisition by Tilman J. Fertitta and Tentative Partial Settlement of Delaware Lawsuit
Date:4/27/2010

HOUSTON, April 27 /PRNewswire-FirstCall/ -- Landry's Restaurants, Inc. (NYSE: LNY) ("Landry's" or the "Company") announced today that after lengthy negotiations with the Special Committee, made up of outside non-employee directors, and attorneys representing the plaintiff in a lawsuit pending in Delaware, Tilman J. Fertitta has reached a tentative agreement with the plaintiff's attorneys to settle the stockholder derivative claim and certain other claims in connection with Mr. Fertitta's proposal to merge Landry's into his wholly-owned company.  Pursuant to the tentative agreement, Mr. Fertitta has agreed to increase the price to be paid to the Landry's stockholders to $21.00 per share in cash in a merger of the Fertitta affiliate with Landry's.  

Mr. Fertitta's proposal is subject to further consideration by and approval of the Special Committee and the Special Committee obtaining a fairness opinion from its independent financial advisor as to the financial terms of the proposal.  If approved and recommended by the Committee, the proposal must be approved by the entire Landry's Board.  There can be no assurance that a final agreement will be reached.  Any final agreement will be subject to approval by the Company's stockholders, including approval by the holders of a majority of the Company's common stock not owned by Mr. Fertitta.  The partial settlement of the lawsuit also requires approval by the court after notice and a fairness hearing.

About Landry's Restaurants, Inc.

Landry's is a national, diversified restaurant, hospitality and entertainment compan
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SOURCE Landry's Restaurants, Inc.
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