In an letter made public in an amended 13D filing on Thursday, Barington Capital said a financial advisor they engaged, Compass Advisers, has identified five parties that may be interested in purchasing the Company at a price higher than $27.10 per share if they are given the opportunity to review the Company’s non-public information without the requirement of having to first submit an acquisition proposal.
In a response to the letter, Lone Star Steakhouse said they found the claims made by the firm "disingenuous and oddly timed." The company said a potential buyer does not have to submit a binding offer, making it easier than many comparable transactions. The company questioned if the "allegedly interested parties" were truly serious about a transaction.
In response to the response, Barington Capital reiterated their stance that the company was not maximizing value under the current merger agreement and said they will vote against the merger.