Funds controlled by Bain Capital Partners and Catterton Management Co. have been targeting the casual dining chain since last autumn, among a legion of private money sources enticing public shareholders to cash out. Vehicles known as Kangaroo Acquisition Inc. and Kangaroo Holdings Inc. would join forces with senior managers and founders from OSI, the purveyor of Outback Steakhouse and such brands as Carrabba's Italian Grill, Lee Roy Selmon's, Cheeseburger in Paradise and the Bonefish Grill.

In addition to eateries in all 50 US states, with some 1,400 restaurants in total, the conglomerate has been beefing up its overseas presence, operating Outback Steakhouses, Fleming's Prime Steakhouse & Wine Bars and Blue Coral Seafood & Spirits in 20 countries.

Under an amended agreement blessed by OSI's board of directors, the $40 per-share mark would still apply to the founders who are taking up with the Kangaroos. Chairman Chris Sullivan, Vice Chair Robert Basham and CEO A. William Allen III each would exchange shares of OSI common stock for the Kangaroo Holdings variety at the $40 rate.