NEW YORK (Bloomberg) — Lone Star Steakhouse & Saloon Inc., operator of more than 260 restaurants, said shareholders approved a $600 million buyout by a private-equity firm.The bid of $27.35 a share from Lone Star Funds LP was accepted by stockholders this week and closed on Wednesday.

Lone Star Funds, which has number of Bermuda registered funds, is unrelated to Lone Star Steakhouse.

Investors voted for the deal after Lone Star Funds raised its offer from $27.10 on November 30. Barington Capital Group LP, Lone Star Steakhouse's third-largest shareholder, had opposed the first proposal, then endorsed the increased bid this week.

Lone Star Steakhouse owns restaurants under brands including Sullivan's Steakhouse and Del Frisco's Double Eagle Steak House.

Last month, proxy review firms Institutional Shareholder Services Inc. and Glass Lewis & Co. recommended investors reject the first bid because it was too low.

Barington Capital, a New York-based hedge fund, wrote in a letter last month to Lone Star Steakhouse it had identified five parties that may want to buy the company for more than $27.10 a share. Barington has a 9.6 percent stake in the chain.

Lone Star Funds manages $13 billion in assets and is run by its London-based founder, John Grayken.