---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-133302"
form_type: "8-K"
ticker: "DRI"
cik: "0000940944"
company_name: "DARDEN RESTAURANTS INC"
filed_at: "2023-05-03T23:59:59+00:00"
generated_at: "2026-06-16T02:21:35.021230+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- $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.

## SEC filing metadata
- accession: 0001193125-23-133302
- form_type: 8-K
- ticker: DRI
- cik: 0000940944
- company_name: DARDEN RESTAURANTS INC
- filed_at: 2023-05-03T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/940944/000119312523133302/0001193125-23-133302-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/940944/000119312523133302/d280583d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-133302
- JSON: https://secwatch.observer/filing/0001193125-23-133302.json
- Plain text: https://secwatch.observer/filing/0001193125-23-133302.txt

## Key facts
- Material Agreements
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/940944/000119312523133302/0001193125-23-133302-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.