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Ark owns and operates 22 restaurants and bars in seven states. Landry's is the owner of such restaurant chains as Rainforest Cafe, Bubba Gump Shrimp Co., and McCormick & Schmick's. According to Ark's press release on the approach, Landry's is offering to pay $22 per share, cash, for Ark's shares, or about a 6% premium to their closing price Friday. Ark says it is reviewing the proposal, but shareholders don't seem optimistic about the outcome.
Ark shares closed down 2% on Friday at $20.80.