May 9, 2007
Outback Postpones LBO Vote, Cancels Bonds
Outback Steakhouse postponed for one week the shareholder vote on its LBO because it does not yet have the necessary shareholder approval for the deal. Shareholders expressed unhappiness with the $40 stock price. In an unusual move, the company also cancelled a $550 million bond financing sold two weeks ago to finance the LBO. See WSJ, Steak Sent Back:Buyout SnubCancels Bonds.
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