Shareholders of the New Hyde Park, NY-based steakhouse chain Morton’s Restaurant Group have approved the US$17 a share buyout deal offered by private equity firm Castle Harlan Inc.
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The deal, voted for by 73.9% of the shareholders, values Morton’s at about US$71.2m.
Since its first offer of US$12.60 a share, Castle Harlan had been involved in a bidding contest for the chain with investor Carl Icahn. As a consequence, its deal has been significantly sweetened over recent weeks.
