Landry's Restaurant (LNY) volatility low on activist stake and controlling shareholder's intention

Landry's Restaurant (NYSE: LNY) closed at $21.79. Bill Ackman's Pershing Square Capital Management on November 13 reported an economic exposure of 3.8M shares of LNY and said it opposes a $14.75 per share buyout of the company by Chairman and Chief Executive Tilman Fertitta. LNY January put option implied volatility of 51 is below its six-month average of 74 according to Track Data, suggesting decreasing price movement. Paul Foster

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William Ackman, Pershing Square Capital

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