McCormick & Schmick’s Seafood Restaurants has declined a $137.2 million takeover offer from Landry’s Restaurant owner, Tilman Fertitta, The Wall Street Journal reports. LSRI Holdings, a unit of Landry’s, had offered $9.25 per share for the restaurant chain. Fertitta already holds a 10% stake in the company, adds Business Journal. The board of McCormick & Schmick’s has also adopted a shareholder rights plan, poison pill that will be triggered if an investor builds a stake of 15% or more in the company.

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