OSI Restaurant Partners
, the owner of chains like Outback Steakhouse and Carrabba's Italian Grill, agreed to be acquired by an investor group that includes Bain Capital Partners, Catterton Partners and company founders Chris Sullivan, Robert Basham and J. Timothy Gannon.
The takeover will value OSI at $40 a share.
Shares of OSI jumped nearly 25% to $40.40 following news of the bid Monday.
The stock closed Friday at $32.43.
The board of OSI approved the merger agreement and recommended that shareholders support the deal.
The total transaction value, including assumed debt, is roughly $3.2 billion.
The transaction is expected to close before the end of April.
"After a significant amount of time and effort spent on the shareholder value initiative, we believe that this transaction is the best alternative for maximizing value for existing shareholders and has the full support of the senior management team and the company's founders," said Bill Allen, OSI's chief executive. "We believe that this transaction will be good for the company's partners, associates, franchisees and customers, as well as our shareholders."
Separately, the company said it will need to restate some of its past financials, mainly to correct a previously announced understatement in its liability for unearned revenue associated with unredeemed gift cards and certificates.