New Hyde Park, New York-based Morton’s Restaurant Group received a letter from billionaire financier Carl Icahn on Tuesday that contained a takeover offer of US$13.50 a share, in cash.
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Icahn, who already owns 6.85% of Morton’s, amounting to 286,700 common shares, wrote that his proposed merger was a better deal that other offers: “You will note that our proposal provides 90 cents a share more to (Morton’s) stockholders than the merger consideration proposed to be paid in the Castle Harlan transaction.”
His letter, which was attached to a company filing with the Securities and Exchange Commission (SEC), will be duely considered, said Morton’s CFO Thomas Baldwin.
Morton’s currently has about 4.2 million shares outstanding.
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