WICHITA, Kan., June 20, 2002 (PRIMEZONE) -- Lone Star Steakhouse & Saloon, Inc. ("Lone Star") (Nasdaq:STAR) today announced the final results of its modified Dutch auction tender offer, which expired at 12:00 Midnight, New York City time, on June 14, 2002. Lone Star will purchase 4,000,000 shares of Lone Star common stock at $21.375 per share, or a total of $85,500,000. Due to over-subscription, Lone Star will purchase approximately 85.5% of the shares tendered at or below $21.375 per share, and return to such shareholders approximately 14.5% of those shares tendered. All shares purchased in the tender offer will be purchased at the same price.
Payment for shares accepted for purchase, and the return of all other shares tendered but not accepted for payment, will be made promptly by Wachovia Bank, N.A., the depositary for the tender offer. UBS Warburg LLC acted as the dealer manager for the tender offer. Innisfree M&A Incorporated acted as information agent.
Lone Star Steakhouse & Saloon, Inc. owns and operates a chain of 249 domestic and 25 international Lone Star Steakhouse & Saloon restaurants. The Company also owns and operates five Del Frisco's Double Eagle Steak Houses and 15 Sullivan's Steakhouses.