Restaurant Mergers Abound: Landry’s Offers For Smith & Wollensky

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By Douglas A. McIntyre Published

Landry’s Restaurants, Inc. (LNY) has announced today that it has sent a letter to Smith & Wollensky Restaurant Group, Inc. (SWRG) offering to acquire Smith & Wollensky Restaurant Group for $7.50 per share in cash. This offer represents an approximate 50% premium to the most recent market price of $5.03.

This would add the following to the Landry’s machine: Smith & Wollensky Restaurants in Las Vegas, Chicago, Miami Beach, Houston, Boston, Philadelphia, Washington, D.C., and Columbus, Ohio. It also operates 6 restaurants in New York City, including Maloney & Porcelli’s, the Post House, Park Avenue Cafe, Quality Meats, and the original Smith & Wollensky restaurant.

If you will look back to when Lone Star Steakhouse announced that it was going private, this was one of the other names in the group we speculated could be acquired and could be better run by a newer team.  Outback Steakhouse’s parent OSI Restaurant (OSI) was also part of that list, and that is just about to go private in a management buyout.

Jon C. Ogg
January 16, 2007

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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