New Hyde Park, NY-based Morton’s Restaurant Group has announced that Castle Harlan has offered to amend its merger agreement to increase the merger consideration to US$17 per share.
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The offer came after Morton’s notified Castle Harlan that it had received a revised offer from High River Limited Partnership, an affiliate of Carl Icahn, for a merger with Morton’s at US$17 per share.
Although the High River proposal remained conditioned on Morton’s amending the stockholders rights agreement as previously proposed, the revised High River proposal no longer requires this to occur in a manner that would breach Morton’s existing merger agreement with Castle Harlan.
Morton’s stated that the offers have been referred to the Special Committee of the board of directors and its advisors for evaluation.
Pursuant to the terms of the Castle Harlan merger agreement, unless the Special Committee determines that the Icahn offer is superior, the company is required to accept the Castle Harlan offer.
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