After rejecting various other offers, Landry's Restaurants, has agreed to Chief Executive Tilman Fertitta's latest bid to take the company private. Under the agreement, the firm will go private for a price of $14.75 per share, or nearly $1.2 Billion in cash.

The offer made by CEO Fertitta stands at a 37% premium compared to the stock's closing rate recorded on Monday at the NY Stock Exchange, as has been confirmed by Landry's in an official statement. Alternatively, it has also been asserted by Landry's that it is considering acquisition bids from third parties as well, a practice which will end on December 17. If the company agrees to go with a rival proposal, it will pay Fertitta a back up fee of $2.4 Million.

As opposed to many attempts before, experts are optimistic that the current deal will pull through as the economic condition has now begun to improve. Fertitta owns 551% outstanding shares of the company.

For almost two decades, Fertitta has been trying to convince Landry's to go private. One offer made in January 2008 had been of $23.50 per share. The current deal, which is expected to reach a closure in the first half of the coming year, requires approval from various holders of shares not owned by the CEO and is subject to the firm's refinancing of its remaining debt.