McCormick & Schmick’s Seafood Restaurants Inc. on Wednesday rejected a $137.3 million hostile bid by Tilman J. Fertitta and a subsidiary of his Landry’s Restaurants Inc. Douglas Schmick, chairman of the 96-unit Portland, Ore.-based upscale seafood chain, said in a statement that McCormick & Schmick’s board “believes that the LSRI Holdings offer undervalues the company, is highly conditional, opportunistically timed and seeks to advance the financial and ...

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