Private Buyout
On August 18, 2006, Lone Star Steakhouse signed an agreement to be acquired by Lone Star Funds, an unaffiliated, Dallas-based private equity firm, for $27.10 per share in cash. This initial agreement was opposed by some major shareholders. On November 11, 2006, Lone Star Funds raised its offer to $27.35 per share. On December 12, 2006, shareholders voted to accept the offer.
Because it is now private, Lone Star Steakhouse has been de-listed from NASDAQ. This is also the reason Lonestar stopped sponsoring the #40 Dodge of David Stremme.
Following the buyout, Lone Star Steakhouse switched from its "Texas roadhouse" theme to a more urban-style restaurant, abandoning most of the Texas and cowboy themes in its older restaurants. The current restaurant design is more upscale, with virtually none of the Americana seen in the pre-2006 restaurants.
Read more about this topic: Lone Star Steakhouse & Saloon
Famous quotes containing the word private:
“Classical and romantic: private language of a family quarrel, a dead dispute over the distribution of emphasis between man and nature.”
—Cyril Connolly (1903–1974)