$715-million deal expands Olive Garden parent’s 1,890-unit portfolio
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Darden Restaurants Inc., parent to Olive Garden and LongHorn Steakhouse, has completed its $715 million acquisition of fine-dining Ruth’s Hospitality Group Inc., parent to the Ruth’s Chris Steak House brand, the company said Wednesday.
Orlando, Fla.-based Darden had announced the deal for the 155-unit Ruth’s Chris in May. Winter Park, Fla.-based Ruth’s Hospitality owns 81 restaurants and franchises 74.
Darden offered $21.50 a share for all Ruth’s common stock. American Stock Transfer & Trust Co. LLC, the depositary for the tender offer, advised Darden that more than 22.8 million shares were validly tendered and not validly withdrawn, which represented about 71.2% of the then-issued and outstanding shares, the company said.
In connection with the completion of the merger, Ruth’s common stock ceased trading on the Nasdaq exchange.
Darden owns a portfolio of brands that include Cheddar’s Scratch Kitchen, Yard House, The Capital Grille, Seasons 52, Bahama Breeze, Eddie V’s, Bahama Breeze and The Capital Burger. As of Feb. 26, before the Ruth’s acquisition, the company had 1,890 restaurants.
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