Smith & Wollensky (SWRG) Receives Unsolicited Acquisition Proposal From Landry's (LNY)
The Smith & Wollensky Restaurant Group, Inc. (Nasdaq: SWRG) announced today that on Friday, March 16, 2007, it received an unsolicited proposal from Landry's Restaurants, Inc. (NYSE: LNY) to acquire the company at $9.75 per share. Landry's proposal will be considered by the Special Committee of the Company's Board of Directors in consultation with its advisors. There can be no assurance that Landry's proposal will lead to a definitive binding agreement with Landry's.
As a matter of policy, the Company does not comment on or provide the market with updates as to the status of any informal expressions of interest or formal proposals or offers presented to the Company from time to time, or the course of discussions with any prospective counterparties, nor will it comment upon any rumors with regard to either of the foregoing or make a further announcement regarding the Special Committee's consideration of any proposal or other expressions of interest until such time, if ever, that it enters into a definitive agreement for a completed transaction or is otherwise required to make an announcement.
As a matter of policy, the Company does not comment on or provide the market with updates as to the status of any informal expressions of interest or formal proposals or offers presented to the Company from time to time, or the course of discussions with any prospective counterparties, nor will it comment upon any rumors with regard to either of the foregoing or make a further announcement regarding the Special Committee's consideration of any proposal or other expressions of interest until such time, if ever, that it enters into a definitive agreement for a completed transaction or is otherwise required to make an announcement.
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