Restaurant industry veteran Chief Executive Tilman Fertitta announced he will acquire Chicago-based Morton's Restaurant Group Inc. in a $117-million deal.
Fertitta already owns a five percent stake in Morton's Restaurant Group but offered an additional $6.90 per share, according to Crain's Chicago Business.
The deal will add Morton's to Fertitta's Landry's Inc. brands, a company that owns other restaurant chains including McCormick & Schmick, Rainforest Cafe and The Chart House.
Morton's also said that Castle Harlan, Inc. has agreed to tender its 27.7 percent stake in the company and vote in favor of the merger.
After Morton's announced it was considering "strategic alternatives" earlier this year, its shares have lost 28 percent to close at $5.61.
In attempt to modernize the 77-unit steakhouse chain, Fertitta announced he plans to introduce new items on the menu.
The deal is expected to close in early February.