Tilman J. Fertitta announced that his wholly owned company, Fertitta's Morton's Restaurants, Inc. and is wholly owned subsidiary Fertitta Morton's Acquisition Inc. have signed an Agreement to acquire 100% of Morton's Restaurant Group Inc. for $6.90 a share. Fertitta will acquire MRT through an all-cash tender and merger. The tender offer will commence no later than 10 business days from the date hereof. The price for the MRT shares represents a premium of approximately 34% to the closing price on Thursday, December 15, 2011. Tilman J. Fertitta already owns approximately 5% of the outstanding common stock of MRT, making him one of MRT's largest individual stockholders.
Tilman J. Fertitta remarked, "Morton's is one of the most recognizable and successful high-end steak brands in the world. They are a dominant operator in the high-end steak category. Morton's will be refreshed and modernized while still maintaining its first class atmosphere and food quality. The Morton's guests will continue to receive exceptional food and service, and we plan to introduce new food items and expand our culinary offerings."
According to Christopher J. Artinian, president and CEO of MRT, "Tilman has an outstanding portfolio of restaurants. He really understands the value of the Morton's brand and our people, and is well-positioned to further enhance our reputation as the world's best steakhouse."