Darden shares rose 16 cents Thursday to close at $39.96 on the New York Stock Exchange.
Darden said it would buy all of the company's outstanding shares in a tender offer with a price of $38.15 per share. The price is a 39 percent premium to Rare's closing price Thursday of $27.51. The deal value is based on 31.1 million shares outstanding.
Darden valued the deal at $1.4 billion, which includes outstanding debt and capital lease obligations.