Darden to acquire Ruth's Chris for $21.50/share, ~$715M equity value

DARDEN RESTAURANTS INC

$21.50 per share all-cash; 34% premium to May 2 close, 32% premium to 30-day VWAP.
Deal expected to close in June; unanimously approved by both boards and recommended by RUTH board.
Accretive to Darden fiscal 2024 EPS by ~10-12 cents; synergies $5-10M year one, $15-20M year two.
Cheryl Henry to remain as President of Ruth's Chris, reporting to Rick Cardenas.
Darden has sufficient liquidity to fund the all-cash transaction without additional financing.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

DARDEN RESTAURANTS INC entered into Agreement and Plan of Merger with Ruth's Hospitality Group, Inc. valued at $21.50 per Share (effective 2023-05-02).

Action: entry
Agreement: merger
Counterparty: Ruth's Hospitality Group, Inc.
Value: $21.50 per Share
Effective: 2023-05-02

Exact text from the filing

On May 2, 2023, Darden Restaurants, Inc., a Florida corporation (“ Parent ”), and Ruth’s Hospitality Group, Inc., a Delaware corporation (the “ Company ”), announced the execution of an Agreement and Plan of Merger (the “ Merger Agreement ”) among Parent, Ruby Acquisition Corporation, a Delaware corporation and an indirect, wholly owned subsidiary of Parent (“ Merger Sub ”), and the Company.

View on SEC.gov

Browse all material agreements →

DARDEN RESTAURANTS INC filing history →

Source: SEC EDGAR

accession 0001193125-23-133302

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.