February 7, 2013 / 3:20 AM / 5 years ago

Landry's offers to buy Ark Restaurants for $22 per share

Feb 6 (Reuters) - U.S. restaurant chain Landry’s Inc is ready to buy Ark Restaurants Corp for $22 per share and is willing to meet with the company’s board of directors to negotiate a deal, it said late on Wednesday.

Based on 3.24 million shares outstanding, as per Thomson Reuters data, the offer would value Ark Restaurants at about $71.3 million.

Landry’s per share offer is a 22 percent premium to Ark’s closing price of $18.04 Wednesday on the Nasdaq.

Landry’s said the proposal was not subject to any financing contingency.

“We stand ready to meet with the Board of Directors and its representatives as soon as possible in order to proceed,” Landry’s said in a statement.

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