OSI Agrees to Settle 2 Lawsuits

OSI Restaurant Partners Inc. disclosed Tuesday a tentative settlement of two shareholder lawsuits challenging the company's pending acquisition for $40 a share.

The $3.2 billion transaction's definitive proxy, filed with the Securities and Exchange Commission, said the defendants agreed to settle so as "to avoid the burden, expense, risk, inconvenience and distraction of continued litigation and to resolve all of the claims that were or could have been brought."

Terms of the agreement, which requires Florida court approval, call for buyers Bain Capital Partners LLC and Catterton Partners to waive a portion of the maximum $45 million potential termination fee should the deal fall apart. Also, defendants agreed to disclose certain unspecified information in the proxy.

The defendants, which include the restaurant company, its directors and the would-be buyers, deny any wrongdoing or liability alleged in the lawsuits, the filing said.

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Source - AP


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