Brazilian steak house chain Fogo de Chão Inc. said Tuesday it has reached an agreement to be acquired by private-equity firm Rhone Capital units in an all-cash deal valued at $560 million. Under terms of the deal, Fogo de Chão shareholders will receive $15.75 a share in cash, equal to a 25.5% premium over its closing share price on Friday. The deal is expected to close in the second quarter. The news comes after the company’s board conducted a review of its strategic options; the company went public in 2015. Fogo operates as a churrascaria, offering fire-roasted, high-quality meats that are prepared and served Brazilian style by gaucho chefs. Shares were halted for the news, but have fallen 13% in the last 12 months, while the S&P 500 has gained 16%.
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