Hot on the heels of the completion of Harrah's Entertainment Inc. US$17.1 billion acquisition that took the world’s biggest casino operating company private, Landry's chairman and CEO, Tillman Fertitta, has made a cash offer to buy the 16 million shares of the company that he does not own for around US$400 million.

Fertitta is offering US$23.50 a share, a 41% premium over Friday's closing price, and sent Landry's stock at close of business yesterday 25% higher. Fertitta’s offer to take Landry private is close to US$1.3 billion, and follows a spate of similar corporate deals to unshackle companies from shareholders and public markets obsessed with short-term results, and unproductively numbing stringent financial reporting requirements.

Steve Scheinthal, Landry’s executive vice president and general counsel, said: “A long-term focus will provide the company with greater flexibility to meet the challenges of intensifying competition, shortage of workers, escalating real-estate costs and the risk of new entrants to the market.” The Landry’s chain grew from a single restaurant in 1980 and employs almost 25,000 people. As a 100% stockholder, Fertitta took Landry’s public in 1993. (S-01.29.08)

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