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 roughly $605 million.
Darden has agreed to pay $37.50 per share in money for Chuy’s, the businesses said in a press release Wednesday. That’s a 48 percent premium to the stock’s last closing price. The deal has been approved by each boards of directors and is anticipated to shut in Darden’s second fiscal quarter, which ends in November.
Chuy’s stock was suspended in late trading Wednesday. Darden’s stock was unchanged at 4:20 p.m. in New York.
