Darden Restaurants Files Tender Offer Statement For RARE Hospitality Merger

arden Restaurants (DRI) filed the initial tender offer statement and offer to purchase RARE Hospitality International (RARE) with the SEC on a August 30, 2007.

The current tender offer expiration date is Friday, September 28, 2007.

The document discloses the following regarding the HSR review:

"Darden filed a Premerger Notification and Report Form under the HSR Act with the FTC and the Antitrust Division in connection with the purchase of Shares in the Offer and the Merger on August 30, 2007, and the required waiting period with respect to the Offer and the Merger will expire at 11:59 p.m., New York City time, on September 14, 2007..."

HSR clearance via early termination is fully expected for this deal, and will probably be granted later this week or very early next week.

There are no other regulatory approvals required in this transaction.

The tender offer remains expected to be successfully completed without extension.

Disclosure: We have no positions of any kind, in any security. We are a completely neutral source of research and analysis.

Comments

[Dan Jacome:]

good deal for Darden, which just discarded Smoky's and now gets a major brand asset in the steak house space. Stock is definitely compelling and arguably cheap at 11x forward estimates. We'd be buyers of DRI @ 30....

2008 Feb 21 12:45 AM