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NEW YORK -- BARINGTON CAPITAL GROUP LP here, an investment management firm that said it represents investors owning about 9.4 percent of common stock in LONE STAR STEAKHOUSE & SALOON INC. of Wichita, Kan., said Wednesday that a proposed $600 million takeover deal undervalues the company. Lone Star, whose Lone Star Steakhouse, Sullivan's and Del Frisco concepts anchor a 265-restaurant system, agreed earlier in August to be bought by the LONE STAR FUNDS private-equity firm of Dallas for $27.10 a share. JAMES A. …