UPDATE 1-Landry's says CEO to take co private for $1.2 bln

* CEO Tilman Fertitta offers $14.75 per share

* Offer at 37 pct premium to stock's Monday close

* Landry's to continue to solicit acquisition proposals

* Shares hit new 52-week high

Nov 3 (Reuters) - Landry's Restaurants (LNY.N) said it agreed to a new offer from its chief executive to take the company private for $14.75 per share, or about $1.2 billion in cash.

The offer from Tilman Fertitta is at a 37 percent premium to the stock's Monday's close on the New York Stock Exchange, Landry's said in a statement.

The company, which was looking for strategic alternatives, rejected an offer in August by Fertitta to take it private, terming it as inadequate.

Landry's, which operates the iconic Golden Nugget Hotel & Casino in Las Vegas and several casual dining outlets including Landry's Seafood House, expects to complete the deal in the first half of 2010.

The company said it will solicit alternative acquisition proposals from third parties till Dec. 17, or until Landry's debt refinancing is completed.

Landry's will have to pay a $2.4 million break-up fee to Fertitta if a rival proposal to buy the company is agreed to.

In June 2008, the Landry's had agreed to be bought by Fertitta Co. However, in October last year, the company said Fertitta may not be able to fund the takeover.

Shares of the company, which rose as much as 30 percent to touch a new 52-week high of 13.98 Tuesday morning, gave up some of the gains and were up 28 percent at $13.74. (Reporting by Vidya Lakshmi in Bangalore; Editing by Unnikrishnan Nair)