Despite trying for almost two years, Tilman Fertitta still wants Landry's for his own. And this time for $1.2 billion he may get it, some analysts say. On Tuesday, Landry's announced that its board approved an offer from Fertitta, the chairman and CEO of the company, to take it private. Now it is up to shareholders. Under the agreement, Fertitta would acquire all the stock he doesn't own for $14.75 per share in cash, a total of $1.2 billion. He currently owns 55 percent of Landry's, according to SEC filings. Fertitta's offer is about 37 percent higher than Landry's closing share price on Monday. The deal is also subject to Landry's refinancing a portion of its outstanding debt. Landry's brands include Landry's Seafood House, Rainforest Cafe and Saltgrass Steak House. The company also owns the Kemah Boardwalk as well as the Golden Nugget Hotel & Casino in Nevada. In September, the company announced that Fertitta had made an offer in which the Saltgrass Steak House chain would be spun off to Landry's shareholders. The board later rejected that offer. Not only has the board accepted the latest offer, but shareholders just might go for it, too, according to Vicki Bryan, a senior analyst with Gimme Credit, an independent New York-based bond research group. She believes the offer benefits both Fertitta and shareholders. 'Landry's restaurant trends have been weak,' and the gaming industry is down as well, she said. 'But Tilman Fertitta does not want to give up the Golden Nugget,' Bryan said, 'because he wants to be in the gaming business. 'But Landry's will likely have to subsidize the Golden Nugget for some time,' she said. 'It's in everybody's interest if he takes it private.' CL King analyst Michael Gallo wrote in a research note Tuesday that 'this time it may succeed,' referring to Fertitta's attempt to acquire Landry's. Fertitta, replying to e-mailed questions, said he believes shareholders will back his offer because it represents 'a significant premium on the stock price ... during these economic times.' The reason he wants to take the company private, he said, is that 'with our diverse holdings such as restaurants, aquariums, hotels, casinos and amusements, I believe our business model is very confusing to public investors and does not make a good public company.' He expects Landry's shareholders to vote on his offer in the first quarter of 2010. A special committee of the board will continue to solicit alternative offers until Dec. 17 or until Landry's debt refinancing is completed. If the board would accept a different offer, it would have to pay Fertitta a $2.4 million break-up fee. Fertitta has faced obstacles in his attempt to take Landry's private. In June 2008, he reached an agreement with the Landry's board to acquire the company for about $415 million. With debt included, the deal's value would have been $1.3 billion. But the economic downturn, and Hurricane Ike, which heavily damaged a number of Landry's properties, factored into the deal's collapse. Several months later, Fertitta came back with a lower price. The deal fell through when the Securities and Exchange Commission told Landry's and its lenders to release information that both sides deemed confidential. Fertitta has been accumulating more shares of Landry's, increasing his stake from 39 percent in June of last year to a controlling 55 percent now. Asked about why his previous offer, which involved spinning off Saltgrass Steak House to investors, was not accepted by the board, Fertitta said that 'at the end of the day, a cash proposal was much easier for everyone to understand.' Shares of Landry's closed at $13.69, up $2.93, an increase of 27 percent, at the end of trading Tuesday. Fertitta said the company is excited about its recently announced plans to dramatically renovate Galveston's Flagship Hotel, but there are still hurdles. 'We are still trying to resolve issues with the General Land Office of the state of Texas and permitting issues with the city of Galveston,' he said. 'If all is not worked out, the Flagship development will not happen.' The Associated Press contributed to this report. david.kaplan@chron.com 