Private group to buy Outback’s parent

OSI Restaurant Partners Inc., which operates Outback Steakhouse among its handful of restaurant brands, announced Monday that it had agreed to be acquired by a private investor group for about $3 billion.

The acquisition by Bain Capital Partners, Catterton Partners and company founders is pending shareholders’ approval.

In addition to the $40-a-share acquisition price, the investors have agreed to take on debt of about $185 million. The offer represents a premium of 23% to the company’s closing price Friday of $32.43.

Shares of Tampa, Fla.-based OSI soared 22.6%, or $7.32, to $39.75 on Monday.

Bill Allen, Chief Executive of OSI Restaurant Partners, said the company had been considering options to boost value for shareholders, including a stock repurchase plan or spinning off some of its brands, before it received the offer.

Allen said that no jobs would be cut and that OSI would continue to look for growth opportunities amid “troubled times” in the casual dining sector.