Landry's (LNY) Stock Down 34% on Merger Termination News
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Shares of Landry's Restaurants (NYSE: LNY) are tumbling today following news that the company has terminated the previously announced going private transaction due to unusual circumstances with the lead lenders and the SEC. According to the release, the SEC is pursuing the alternative financing as set forth under a commitment from the lead lenders to refinance its existing approximately $400 million in senior notes.
The stock traded as low as $7.11 just after the opening bell, marking a more than 70% loss from Friday's closing price of $12.35. Shares of Landry's quickly bounced, however, and are now trading around $8.20, down nearly 34%.
Landry's Restaurants, Inc., a restaurant, hospitality, and entertainment company, owns and operates full-service casual dining restaurants in the United States.
The stock traded as low as $7.11 just after the opening bell, marking a more than 70% loss from Friday's closing price of $12.35. Shares of Landry's quickly bounced, however, and are now trading around $8.20, down nearly 34%.
Landry's Restaurants, Inc., a restaurant, hospitality, and entertainment company, owns and operates full-service casual dining restaurants in the United States.
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