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Houlihan´s Restaurants Enters Chapter 11 as Fellow US Operator Landry´s Emerges as Stalking Horse Bidder
Friday 15 November 2019

15 November 2019 - American casual restaurant and bar chain Houlihan's Restaurants, Inc has executed an asset purchase agreement with Landry's, to acquire substantially all of the company's assets, the company said.
Landry's is serving as stalking horse bidder. The deal is subject to higher or otherwise better offers.
Landry's has offered to pay USD 40m for Houlihan's, and to assume certain liabilities.
To facilitate the sale, HRI has initiated proceedings under chapter 11 of the US Bankruptcy Code in the District of Delaware.
To support operations during the proceedings through the closing of the sale, the company has received new financing commitments that will provide sufficient liquidity to fund the business.
Franchise restaurants will continue to operate independently and are not included in the sale or chapter 11.
The sale transaction will be executed through an open, court-supervised sale process designed to maximise value for all stakeholders. The company is seeking to have the process move swiftly, with the sale expected to close before year end 2019.
Houlihan's is a Leawood, Kansas-based American casual restaurant and bar with locations operating throughout the country, 60% of which are franchised. The first Houlihan's opened on April 1, 1972 in Kansas City's Country Club Plaza, and there are now 84 restaurants in 18 states
Landry's, Inc., is an American, privately owned, multi-brand dining, hospitality, entertainment and gaming corporation. Headquartered in Houston, Texas. Landry's, Inc. owns and operates more than 600 restaurants, hotels, casinos and entertainment destinations in 35 states and the District of Columbia
The company is advised by the law firm of Landis Rath and Cobb LLP, M-III Partners, LP as financial advisor and Piper Jaffray as the company's investment banker.
Date Published: 15/11/2019
Target: Houlihan´s Restaurants, Inc
Country: USA
Deal Size: 40m (USD)
Sector: Hotels/Restaurants/Casinos/Catering
Type: Corporate acquisition
Financing: Cash
Status: Bidding
Buyer: Landry´s, Inc
Landry becomes stalking horse bidder as Houlihan´s files for Chapter 11 protection