(Read more on the debt and equity markets.)

ATLANTA-Orlando-based Darden Restaurants Inc. has taken a step forward in acquiring Rare Hospitality International Inc. with the completion of its tender offer to acquire all outstanding shares of common stock of the locally based company. Darden paid $38.15 per share, cash.

When the clock struck midnight, turning Sept. 28 into Sept. 29, the initial offering period expired with a total of 26,991,599 shares of Rare common stock validly tendered and not withdrawn, according to a Darden release.

In its next move, according to the release, Darden will acquire all remaining Rare shares through a short-form merger under Georgia law at the same price per share paid in the tender offer. When all the ink is dry, Rare will become a wholly owned subsidiary of Darden and will stop trading on the Nasdaq.