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OSI postpones vote on buy-out

TAMPA Fla. Outback Steakhouse parent OSI Restaurant Partners Inc. has postponed the special meeting of shareholders that was scheduled for today to vote on a $3.2 billion buy-out proposal, citing its intention to solicit more votes.

The meeting was pushed back a week, to May 15.

Shareholders were to vote on a $40-per-share offer from a group that includes founders Chris Sullivan, Bob Basham and Tim Gannon and the private-equity firms Bain Capital Partners LLC and Catterton Management Co. LLC.

The board of directions has unanimously recommended that shareholder approve the offer, as have two investor advocacy groups.

OSI's announcement of the postponement came almost at the scheduled start time of the meeting.

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