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How much is Outback worth?

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The bid for OSI Restaurant Partners, owner of the Outback Steakhouse chain, is creeping upwards due to pressure from major OSI institutional investors. Bain Capital and Catterton increased their initial bid of $40 a share ($3.1bn total) to $41.15 a share. This 2.9% bump still isn't entirely satisfactory, as Lord Abbett (the #2 institutional shareholder in OSI) claims that with a decent turnaround the company could carry a valuation in the $50-$60 range, and therefore may reject the most recent bid. Shareholders are voting on the proposal on June 5.
Outback's profit has dropped six quarters in a row due to higher beef and labor costs, gas prices, the housing slump (what?), an unseasonably cold April, global warming, the downward career spiral of Paul Hogan and cosmic rays.
Inexplicably, steaks at the Outback in Manhattan continue to trade in the mid $30 range (who came up with that price point, Sony?), despite industry peers (street meat) trading at a 80% discount. Seriously, it's shocking. They should give you a T-shirt that says, "I could've eaten at Strip House for the same $$" for eating at that place.
Parent of Outback Chain Accepts Higher Bid [New York Times]