Darden to buy RARE Hospitality for $1.4 bln

LOS ANGELES, Aug 16 (Reuters) - Darden Restaurants Inc. (DRI.N), parent of the Olive Garden and Red Lobster restaurant chains, on Thursday said it would buy steakhouse operator RARE Hospitality International Inc. RARE.O for about $1.4 billion.

Darden plans to buy all of RARE's outstanding common stock for $38.15 per share in cash, the companies said in a joint statement.

RARE owns, operates or franchises 317 restaurants under the LongHorn Steakhouse and Capital Grille brands.

((Reporting by Nichola Groom; Reuters Messaging: nichola.groom.reuters.com@reuters.net, Tel:+1-213-955-6755)) Keywords: RARE DARDEN/

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