Skip navigation
Watchlist Sponsored By :

Current DateTime: 07:57:42 11 Jul 2009
LinksList Documentid: 24355697
  • Highest Grossing Movies

      What are the highest grossing movies of all time, adjusted for inflation? Click ahead to find out!

  • Most Expensive Places To Live

      Each year, Mercer Consulting assembles its ranking of the most expensive places to live. Mercer compiles information from 143 cities worldwide.

  • Recession-Resistant US Cities

      Some cities have been hit much harder than others during the recession. Here are the metro areas faring the best.


Current DateTime: 07:57:42 11 Jul 2009
LinksList Documentid: 24890560
  • Boom, Bust and Blame

      The inside story of the economic crisis that has gripped the entire world.

  • E3: Gaming's Cutting Edge

      North America's premier computer and video game trade show draws tens of thousands of professionals to experience the future of interactive entertainment.

  • The Fall of GM

      A look into the fall of General Motors as the automaker heads toward bankruptcy and an effective nationalization.

By: Associated Press | 16 Aug 2007 | 05:30 PM ET
Text Size

Darden Restaurants, which operates the Olive Garden and Red Lobster restaurant chains, on Thursday said it agreed to buy Rare Hospitality International for some $1.19 billion.

Darden [DRI  Loading...      ()   ] 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 [RARE  Loading...      ()   ] 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.

Rare owns and operates 317 restaurants, including 287 LongHorn Steakhouse restaurants and 28 Capital Grille restaurants.

Darden said it would finance the deal through cash, a new $1.2 billion senior interim credit facility and a $700 million senior revolving credit facility.

The restaurant operator said the acquisition would be "neutral" to its earnings in 2008, excluding one-time transaction and integration costs.

Darden and Rare's boards both have already approved the deal. The tender offer is expected to close in October.

© 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Tools:
Print EmailAdd This share icon


Current DateTime: 01:05:47 11 Jul 2009
LinksList Documentid: 29778428

Current DateTime: 01:05:47 11 Jul 2009
LinksList Documentid: 29779196

Current DateTime: 07:18:53 11 Jul 2009
LinksList Documentid: 29779199

Current DateTime: 01:05:48 11 Jul 2009
LinksList Documentid: 29779198
CNBCCNBC
About CNBC  |  Site Map  |  Privacy Policy  |  Terms of Service  |  Video Reprints  |  Advertise  |  Help  |  Contact
Partners: AOL Money  |  BloggingStocks.com
CNBC is a Division of NBC Universal
  Data is a real-time snapshot *Data is delayed at least 15 minutes
Global Business and Financial News, Stock Quotes, and Market Data and Analysis

© 2009 CNBC, Inc.  All Rights Reserved.
Thomson ReutersThomson Reuters