News Briefs for December 22, 2011
December 22, 2011•Morton’s Restaurant Group, Inc. has been hit with a lawsuit from an investor who claims that the recent agreed takeover of Morton’s by Landry’s CEO Tilman Fertitta for $117-million is insufficient. According to investor Shelley Willner, Morton’s has failed to maximize stockholder value and should be forced terminate the deal, which was expected to close in February. Fertitta, who previously held a 5% stake in Morton’s, agreed to acquire 100% of the upscale steakhouse chain earlier this month, announcing plans to revamp the restaurant’s look and menu. Morton’s Steakhouse has more than 70 units worldwide, with annual revenues of $300 million, according to Landry’s. Landry’s existing hospitality and restaurant portfolio, which includes the McCormick & Schmick’s, Bubba Gump Shrimp Co. and Golden Nugget Hotel & Casino brands, among others, is expected to generate $2 billion in revenues this year.
•Milton, Delaware’s Dogfish Head Brewery will launch a gluten-free beer, Tweason’ale, in January. The 6%-abv beer (priced in line with other Dogfish Head seasonal beers) will be available in four-packs of 12 oz. bottles and released four times a year across the U.S. Dogfish Head said the product comes in response to many consumers inquiring about gluten-free beer at the brewery, pub and on the company’s website. Tweason’ale is billed as a “fruit-forward” beer made with a mild sorghum base instead of the traditional barley foundation. It joins a Dogfish Head portfolio including 60 Minute IPA, 90 Minute IPA, Indian Brown Ale, Midas Touch, Palo Santo Marron, Raison D’Etre and Shelter Pale Ale.
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Tagged : craft beer, Dogfish Head, restaurants
