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

275 material agreements filed in the last 30 days. 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.