The owner of Popeyes Famous Fried Chicken & Biscuits said it was launching a cash tender offer for Church’s Fried Chicken that values its fast-food chicken restaurant rival at about $290 million. The deal would combine the nation’s second- and third-largest fast-food chicken chains; the biggest is Kentucky Fried Chicken, a unit of Pepsico. Church’s management, based in San Antonio, urged its shareholders to defer tendering their shares until its board could review the offer and make a recommendation. Analysts said the bidding could go higher. On the NYSE, Church’s stock rose 87.5 cents a share to $8.125.