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OUTBACK STEAKHOUSE ANNOUNCES MERGER WITH JOINT VENTURE PARTNER; FILES PROPOSED PUBLIC OFFERING OF 1,950,000 SHARES OF COMMON STOCK

 OUTBACK STEAKHOUSE ANNOUNCES MERGER WITH JOINT VENTURE PARTNER; FILES PROPOSED PUBLIC OFFERING OF 1,950,000 SHARES OF COMMON STOCK
 TAMPA, Fla., Dec. 19 /PRNewswire/ -- Outback Steakhouse Inc. (NASDAQ: OSSI) today announced that it had entered into an agreement with American Restaurants of South Florida, Inc. the company's joint venture partner in seven restaurants in South Florida, which will result in American Restaurants being merged into the company. The company will issue 510,000 shares of its common stock in exchange for all of the outstanding stock of American Restaurants. The company's financial statements will be restated to give retroactive effect to the merger, which will result in earnings per share for the nine months ended Sept. 30, 1991 of $0.35 as compared with $0.33 as previously reported and as adjusted for the three-for-two stock split paid on Dec. 16, 1991.
 The company also announced that on Dec. 19, 1991, it filed with the Securities and Exchange Commission a registration statement covering a previously announced proposed public offering of 1,950,000 shares of its common stock (2,242,500 share if the underwriter's over-allotment option is exercised in full).
 Of the offered shares, the company proposes to sell 900,000 and 1,050,000 are being offered by certain selling stockholders. The offering will be managed by Alex. Brown & Sons, Incorporated and Raymond James & Associates, Inc.
 The company's restaurant system includes 49 full-service restaurants operated under the name Outback Steakhouse, 14 of which are operated by joint ventures in which the company owns an approximate 45 percent interest and eight of which are franchised. The company opened its first Outback Steakhouse in Tampa, Fla., in 1988. Since then, the company has expanded into major metropolitan markets in Florida, Texas, North Carolina, Kentucky, Indiana, Georgia, and Washington, D.C.
 Copies of the prospectus subject to completion may be obtained from Alex.. Brown & Sons Incorporated, 135 East Baltimore St., Baltimore, Md. 21202.
 A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
 -0- 12/19/91
 /CONTACT: Robert S. Merritt of Outback Steakhouse Inc., 813-282-1225/
 (OSSI) CO: Outback Steakhouse Inc. ST: Florida IN: LEI
SU OFR JVN


SS-XX -- FL002 -- 3735 12/19/91 09:09 EST
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Publication:PR Newswire
Date:Dec 19, 1991
Words:454
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