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OSI Restaurant Partners taken private in $3.5 billion deal with private equity group
By Lisa Kerner
Charlotte, N.C., June 14 - OSI Restaurant Partners, Inc. was acquired by an investor group led by Bain Capital Partners, LLC for $41.15 per share in a deal valued at $3.5 billion.
OSI stockholders adopted the Nov. 5, 2006 amended merger agreement on June 5.
In addition to Bain Capital, the investor group includes Catterton Management Co., LLC, company founders Chris T. Sullivan, Robert D. Basham and J. Timothy Gannon, and OSI management members.
Sullivan, Basham and Gannon agreed with Kangaroo Holdings, Inc., affiliated with Bain Capital and Catterton, to receive $40.00 per share in cash for their shares.
The deal gives Bain Capital a majority stake in OSI, which will continue to be operated by its senior management team, led by chief executive officer and minority stakeholder Bill Allen.
"We believe that our restaurant concepts are better positioned to focus on opportunities and to execute our business initiatives as a private company," Allen said in a company news release. "With the support and loyalty of our partners we are confident we can accomplish our objectives. Our team looks forward to working with Bain Capital and Catterton Partners, whose support and extensive experience in the restaurant industry will help us open a new and exciting chapter in our company's history."
OSI common stock ceased trading on the New York Stock Exchange prior to the open of the market on June 14 and is no longer listed.
The Tampa, Fla., casual dining restaurants company's portfolio of brands includes Outback Steakhouse, Carrabba's Italian Grill, Bonefish Grill, Fleming's Prime Steakhouse & Wine Bar, Roy's, Lee Roy Selmon's, Blue Coral Seafood & Spirits and Cheeseburger in Paradise.
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