Smith & Wollensky Restaurant Group Inc. said Monday it has agreed to be acquired by Patina Restaurant Group LLC for $9.25 a share, apparently spurning a lower, unsolicited offer from Landry’s Restaurants Inc., the Wall Street Journal reports.

The deal is valued at $79.55 million, based on Smith & Wollensky’s approximately 8.6 million shares outstanding, and is expected to close in the second quarter.

As part of the transaction, Smith & Wollensky Chief Executive Alan N. Stillman will acquire the chain’s existing New York locations as well as certain other assets and liabilities, the company said.

Mr. Stillman has agreed to throw his shares behind the merger, which has the support of Smith & Wollensky’s board, the company said.

Patina’s offer represents a premium of 13% over Friday’s closing price for the steakhouse chain’s shares.

In January, Smith & Wollensky received an unsolicited offer to be acquired by Landry’s for $7.50 a share in cash, or about $64.5 million. Smith & Wollensky then hired TM Capital Corp. as a financial adviser to assist its evaluation of Landry’s offer.

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