Contact Us
T: (212) 363-7500
F: (212) 363-7171
Copyright ©2011 Levi & Korsinsky, LLP
New York
Washington, DC
| Morton’s Restaurant Group, Inc. |
| Morton’s Restaurant Group, Inc. (NYSE: MRT) shareholder litigation in connection with alleged unfair takeover offer |
On December 16, 2011, Morton’s Restaurant Group,
Inc. ("Morton's" or the "Company") announced that
it has agreed to sell the Company to Tilman J.
Fertitta's wholly-owned company Fertitta Morton's
Restaurants Inc. (“Fertitta”), an affiliate of Landry’s,
Inc. Fertitta already owns approximately 5% of
Inc. ("Morton's" or the "Company") announced that
it has agreed to sell the Company to Tilman J.
Fertitta's wholly-owned company Fertitta Morton's
Restaurants Inc. (“Fertitta”), an affiliate of Landry’s,
Inc. Fertitta already owns approximately 5% of
MRT’s common stock. Under the terms of the transaction, Morton shareholders will receive $6.90
per share of Morton stock they own. The transaction has a total approximate value of $325 million.
The investigation concerns whether the Morton Board of Directors breached their fiduciary duties
to Morton stockholders by failing to adequately shop the Company before entering into this
transaction and whether Fertitta is underpaying for Morton shares, thus unlawfully harming
Morton stockholders. In particular, Morton stock has traded as high as $7.67 as recently as July 6,
2011, and at least one analyst placed a price target of $9.00 per share of Morton stock.
per share of Morton stock they own. The transaction has a total approximate value of $325 million.
The investigation concerns whether the Morton Board of Directors breached their fiduciary duties
to Morton stockholders by failing to adequately shop the Company before entering into this
transaction and whether Fertitta is underpaying for Morton shares, thus unlawfully harming
Morton stockholders. In particular, Morton stock has traded as high as $7.67 as recently as July 6,
2011, and at least one analyst placed a price target of $9.00 per share of Morton stock.
