Darden Restaurants Inc., the parent company of Olive Garden and Ruth’s Chris Steak House, is buying Tex-Mex restaurant chain Chuy’s Holdings Inc. for about $605 million.
Darden agreed to pay $37.50 a share in cash for Chuy’s, the companies said Wednesday in a statement. That’s a 48% premium above the stock’s last closing price. The deal has been approved by both boards and is expected to be completed in Darden’s fiscal second quarter, which ends in November.
Chuy’s shares were halted in late trading on Wednesday. Darden shares were unchanged at 4:20 p.m. in New York.
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Catherine Larkin, Bloomberg
