Lone Star Steakhouse Agrees to Be Acquired

Steakhouse chain operator Lone Star Steakhouse & Saloon Inc. agreed to be acquired by a Dallas-based private equity firm for more than $600 million.

Lone Star Funds would pay $27.10 a share for the company, 15% higher than the stock’s Thursday closing price of $23.55.

The deal is expected to be completed in the fourth quarter. It is subject to shareholder approval.

The Wichita, Kan., company owns and operates 222 Lone Star restaurants in the United States.