Outback Owner In Shareholder Suit Over $3.2B Buyout

Law360, New York (February 2, 2007, 12:00 AM EST) -- OSI Restaurant Partners Inc., owner of the Outback Steakhouse chain, has been accused in a shareholder lawsuit of failing to shop around for the best bid before latching on to a $3.2 billion offer from a pair of private equity firms.

According to the lawsuit, filed Jan. 30 in Delaware Chancery Court, OSI ignored its fiduciary duty by undervaluing Outback and its other casual-dining chains when it proposed the public-to-private sale in November 2006.

The accusing shareholder, Robert Mann, called the deal “grossly unfair” and called...
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