Landry's Delivers Letter To Ark Restaurants Corp. Requesting Response To $22.00 Per Share Offer

   Landry's Delivers Letter To Ark Restaurants Corp. Requesting Response To
                            $22.00 Per Share Offer

PR Newswire

HOUSTON, Feb. 15, 2013

HOUSTON, Feb. 15, 2013 /PRNewswire/ -- Landry's, Inc. ("Landry's") announced
that it has sent a letter to Ark Restaurants Corp. (NASDAQ: ARKR) requesting a
response to Landry's $22.00 per share offer. A copy of the letter is set
forth below:

February 14, 2013

Via Facsimile and Email

Mr. Michael Weinstein
Chairman of the Board and Chief Executive Officer
Ark Restaurants Corp.
85 Fifth Avenue
New York, New York 10003

Dear Michael:

I am very disappointed by the silence emanating from the Board of Directors of
Ark Restaurants Corp. ("Ark" or the "Company") in response to Landry's, Inc.'s
("Landry's") proposal to discuss a negotiated transaction between the Company
and Landry's, at a significant premium to the Company's current and recent
market price, that would provide immediate liquidity and enhanced value for
all stockholders. We do not comprehend how the Board can issue a generic
release stating that it will "review" our proposal to acquire the Company for
$22.00 per share in cash, and then fail to reach out to us to discuss it. We
believe this lack of engagement by the Board in view of our all-cash,
fully-financed proposal demonstrates an utter disregard for the best interests
of stockholders and is in derogation of the Board's fiduciary duties.

I find the Board's unresponsiveness to be further inexplicable in light of the
Company's recent announcement of its financial results for its fiscal 2013
first quarter and related earnings call. The Company disclosed a 4.6%
decrease in same store sales as compared to its fiscal 2012 first quarter, as
well as declines over the same period in adjusted continuing operations EBITDA
and income from continuing operations of $1.2 million (a decrease of 45.5%)
and $1.1 million (a decrease of 99.3%), respectively. Further, the Company
announced that it expects to incur significant additional expenditures in
providing health insurance coverage to its employees mandated by the recently
enacted federal health care law, which is anticipated to result in competitive
pricing pressures at a number of the Company's locations. In view of this
state of affairs, the Board's apparent lack of urgency is mystifying.

As previously stated, we are fully committed to pursuing this transaction and
have at our disposal the financial and professional resources to swiftly
consummate an acquisition. We believe that the Company's stockholders will
find our $22.00 per share proposal extremely attractive and hope that the
Board will take the opportunity to meet with us as promptly as possible and
negotiate a transaction that will allow stockholders to realize this
substantial value. We place significant value on the ability to close this
transaction quickly. There can be no assurance that in the future any other
potential buyer would pay the same high premium that we are proposing.
Further, if as a result of our discussions and confirmatory due diligence, we
find evidence of additional value inherent in the Company based on operating
results, synergies or otherwise, we would be willing to consider an adjustment
to our proposal to reflect this additional value.

We firmly believe that a negotiated transaction would be in the best interests
of all stockholders. If you are willing to engage in mutually beneficial
discussions, we and our advisors are ready to meet with you and your
representatives at any time to discuss our proposal. We believe that time is
of the essence and are prepared to move forward expeditiously by committing
all necessary resources to complete a transaction quickly. I urge you to
contact me as soon as possible so that we may initiate a productive dialogue.
In our view, the Board's fiduciary duties demand no less.

Should the Company reject our good faith proposal, we reserve the right to
take any and all actions that are, in our view, necessary to preserve and
protect the best interests of stockholders.

Respectfully,

/s/ Tilman J. Fertitta
Tilman J. Fertitta
Chairman and CEO

Forward-Looking Statements

This press release contains forward-looking statements. Investors are
cautioned that all forward-looking statements involve risks and uncertainty,
including, without limitation, general economic conditions. Although Landry's
believes that the assumptions underlying the forward-looking statements are
reasonable, any of the assumptions could be inaccurate, and therefore, there
cannot be assurance that any forward-looking statements included in this press
release will prove to be accurate. In light of the significant uncertainties
inherent in any forward-looking statements included herein, the inclusion of
such information should not be regarded as a representation by Landry's or any
other person that the objectives and plans of Landry's will be achieved.

ABOUT LANDRY'S, INC.: Landry's is a national, diversified restaurant,
hospitality, gaming and entertainment company principally engaged in the
ownership and operation of high end and casual dining restaurants, primarily
under the names of Landry's Seafood House, Rainforest Cafe, McCormick &
Schmick's Seafood Restaurant, The Chart House, Bubba Gump Shrimp Co., Claim
Jumper, Saltgrass Steak House and Oceanaire, and fine dining restaurants such
as Morton's Steakhouse. The Company is also engaged in the ownership and
operation of gaming, hospitality and entertainment businesses, including the
Golden Nugget Hotel & Casinos in Las Vegas and Laughlin, Nevada, and Atlantic
City, the Kemah Boardwalk, the San Luis Resort Complex, and the Downtown
Aquariums in Denver and Houston.

SOURCE Landry's, Inc.

Contact: Rick H. Liem, Executive Vice President & CFO, +1-713-850-1010, or
Steven L. Scheinthal, Executive Vice President & General Counsel,
+1-713-850-1010
 
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