Possible Sale of McCormick & Schmick’s?

McCormick & Schmick's Seafood Restaurants Inc. (New York) is considering a sale, reports The Wall Street Journal. The company’s board of directors is discussing options following discouraging acquisition offers from an investor last month.

In April, the high-end restaurant operator refused a $137 million tender offer from Tilman Fertitta, the owner of Landry's Restaurants Inc., saying it undervalued the company.

McCormick & Schmick's ceo Bill Freeman said on a quarterly conference call that the board maintains that Fertitta's offer undervalues the business and that shareholders shouldn't tender their shares to the offer, according to WSJ.

The restaurant operator’s same-restaurant sales dropped 3.2 percent for the first quarter ended March 30. The company reports April's same-store sales were down about 3 percent.