Landry's Bids $71.3 Million for Ark Restaurants

On Friday, Ark Restaurantsconfirmed that it has received an unsolicited takeover bid from privately held restaurateur Landry's.

Ark owns and operates 22 restaurants and bars in seven states. Landry's is the owner of such restaurant chains as Rainforest Cafe, Bubba Gump Shrimp Co., and McCormick & Schmick's. According to Ark's press release on the approach, Landry's is offering to pay $22 per share, cash, for Ark's shares, or about a 6% premium to their closing price Friday. Ark says it is reviewing the proposal, but shareholders don't seem optimistic about the outcome.

Ark shares closed down 2% on Friday at $20.80.

The article Landry's Bids $71.3 Million for Ark Restaurants originally appeared on Fool.com.

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