Outback Steakhouse parent OSI Restaurant Partners said on Tuesday a group including Bain Capital, Catterton Partners and OSI's founders have raised their offer by 3% to about $3.18 billion.
OSI, which said in November it planned to go private, last week delayed for the second time a shareholder vote on the deal, saying it needed more time to solicit votes.
Shares in OSI gained about 1% to $40.90 in premarket trading compared with a close of $40.41 on the New York Stock Exchange.
The investor group raised its offer to $41.15 a share from $40 a share. The previous offer would have been worth about $3.09 billion based on the company's latest share count.
In addition to Bain and Catterton, company founders Chairman Chris Sullivan, Vice Chairman Robert Basham and Director Emeritus J. Timothy Gannon, as well as Chief Executive A. William Allen are participating in the buyout.
Sullivan, Basham and Gannon have agreed to receive only $40 a share for their shares, it said. OSI has agreed not to pay its regular quarterly cash dividend prior to the closing of the merger or termination of the merger agreement.
The shareholder vote is expected to take place at a meeting on June 5, the company said. It had initially been set for May 8.
The investor group is trying to buy the company through units called Kangaroo Holdings and Kangaroo Acquisition.