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UPDATE 1-McCormick & Schmick's board OKs sale process of company
May 2, 2011 / 10:42 PM / 6 years ago

UPDATE 1-McCormick & Schmick's board OKs sale process of company

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May 2 (Reuters) - McCormick & Schmick’s Seafood Restaurants Inc said its board of directors has authorized a sale process of the company and asked shareholders again to spurn LSRI Holdings’ unsolicited offer.

The company said it would not disclose developments on the sale process or evaluation of other strategic alternatives until the board complete its analysis.

Piper Jaffray & Co is serving as the financial adviser, the company said in a statement.

In April, Landry’s Restaurants had launched a formal hostile bid to buy the upscale seafood restaurant chain for $9.25 a share through its subsidiary LSRI Holdings, after the sea food restaurant rejected its offer to negotiate a deal. [ID:nL3E7F72QL]

Separately, the company reported a surprise quarterly loss hurt by higher costs and weak sales on bad weather. [ID:nASA021CX]

Shares of the company, which operates 96 restaurants in the United States and Canada under more than 11 brands, closed at $9.07 on Monday on Nasdaq. (Reporting by Renju Jose in Bangalore; Editing by Prem Udayabhanu)

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