May 2 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.
Separately, the company reported a surprise quarterly loss
hurt by higher costs and weak sales on bad weather.
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