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Yes, the value of outvar will just hold all the content of your file. You might prefer to process the variable or create another by reading the file in a different way. It's up to you, but you can...

The outvar=`cat test.out` is not great from a few things:-

The backticks ` are deprecated and can make complex statements difficult to read. You would be better to wrap such code with $( and )
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