Florida-based Darden -- parent of the Red Lobster and Olive Garden chains -- said it would buy all RARE Hospitality Inc.'s outstanding shares in a tender offer with a price of $38.15 (€28.27) per share. The price is a 39 percent premium to RARE's closing price Thursday of $27.51 (€20.38). The deal value is based on 31.1 million shares outstanding.
Darden shares rose $0.16 (€0.12) to close at $39.96. RARE shares rose $9.49 (€7.03), or about 35 percent, to $37 (€27.41)
