Monday, August 28, 2006

Pirate Capital Sells "Big Stake" in OSI Restaurant (OSI) - Dow Jones

According to reports from Dow Jones, Pirate Capital has sold a "big stake" in OSI Restaurant Partners, Inc. (NYSE: OSI) citing a letter from the hedge fund to investors dated Aug 21st.

In June, Pirate Capital disclosed a 5.3% stake in OSI Restaurant in a 13D filing and sent a letter to OSI, urging the board of directors to undertake measures to enhance long-term shareholder value.

The news that the hedge fund has sold a large stake could end speculation Pirate would launch a proxy fight with the company.

OSI Restaurant Partners operates 931 Outback Steakhouses, 209 Carrabba's Italian Grills, 108 Bonefish Grills, 41 Fleming's Prime Steakhouse and Wine Bars, 22 Roy's, four Lee Roy Selmon's and 35 Cheeseburger in Paradise restaurants in 50 states and 21 countries internationally.


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