Per the companies' definitive merger agreement, Darden will acquire all of Ruth's outstanding shares for $21.50 per share in an all-cash transaction with an equity value of approximately $715 million.
Ruth’s — which was founded in 1965 after Ruth Fertel bought Chris Steak House in New Orleans — generated $505.9 million in revenue in 2022 and reported same-store sales growth of 4.5% last quarter. Acquisition and integration expenses are expected to cost the company between $55 million and $60 million, Darden said, but the estimated revenue generated from the acquisition before taxes are anticipated at $5 - $10 million in the first year.
Darden also owns LongHorn Steakhouse, Olive Garden, Bahama Breeze, Yard House, Cheddar's Scratch Kitchen and Seasons 52.More coverage from USA TODAY
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