Morton’s Agrees to Castle Harlan Offer
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Morton’s Restaurant Group Inc. agreed to a raised buyout offer from Castle Harlan Inc. that matched last month’s $56.6-million offer for the steakhouse chain by billionaire financier Carl Icahn.
The leveraged buyout firm’s offer of $52.8 million, or $12.60 in cash for each share held, was increased to $13.50. Morton’s and New York-based Castle Harlan, Morton’s former owner, also agreed to eliminate part of the agreement that would have required Morton’s to achieve a minimum level of earnings.
Shares of New Hyde Park, N.Y.-based Morton’s rose 15 cents to $13.95 on the NYSE.
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