Darden Buying Rare
Shareholders of Atlanta-based Rare will get $38.15 a share in cash from Orlando, Fla.-based Darden, which operates the Red Lobster and Olive Garden chains.
Rare operates 287 LongHorn Steakhouse restaurants and 28 Capital Grille restaurants. It posted sales of $987 million last year.
Darden will utilize a $1.2 billion senior interim credit facility and a $700 million senior revolving credit facility to finance the transaction. Bank of America is the lead arranger on the senior interim credit facility and the senior revolving credit facility.Rare rose $9.49 late Thursday to $37.
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