Darden Restaurants, RARE clear waiting period hurdle

By Lisa Kerner

Charlotte, N.C., Sept. 14 - The Federal Trade Commission granted early termination of the Hart-Scott-Rodino waiting period in the proposed merger of Darden Restaurants, Inc. and RARE Hospitality International, Inc.

Darden's wholly owned subsidiary Surf & Turf Merger Corp. began a $38.15-per-share cash tender offer for RARE on Aug. 31, according to a company news release.

The offer expires at midnight ET on Sept. 28.

It was previously reported that the all-cash transaction is valued at an estimated $1.4 billion, including debt.

Atlanta-based RARE owns, operates and franchises 317 restaurants, including 287 LongHorn Steakhouse restaurants and 28 Capital Grille restaurants.

Darden, based in Orlando, Fla., owns and operates nearly 1,400 Red Lobster, Olive Garden, Bahama Breeze, Smokey Bones and Seasons 52 restaurants with annual sales of $5.6 billion.

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