W. R. Grace will launch a tender offer for El Torito.

The New York conglomerate said it plans to launch its previously announced cash tender offer this morning for the 27.5% of El Torito Restaurants’ shares that it does not already own. W. R. Grace & Co. is offering $20.50 per share for the 3.1 million shares outstanding--a total of $63.55 million. The offer is being made in connection with the leveraged buyout of Grace’s restaurant group, which includes El Torito, by a new corporation formed by current members of the Grace restaurant group management team.