The Ruth’s Chris Steak House chain is being acquired by Darden Restaurants for about $715 million.
The original Chris Steak House was opened on New Orleans' Broad Street in 1927, and it was acquired by Ruth Fertel in 1965. The company has 154 locations worldwide, including 80 company-owned or -operated restaurants and 74 franchised restaurants.
The company, now based in Winter Park, Florida, suffered as most restaurants did during the pandemic, closing 23 restaurants in early 2020, furloughing workers and announcing that executives were taking less pay.
Shares of Ruth’s Hospitality Group Inc., which owns the restaurants, recovered within a year of the outbreak. Shares were halted before the market opened and jumped more than 30% at the opening bell.
Darden, also based in Florida, is acquiring all outstanding shares of Ruth’s for $21.50 per share, a 34% premium.
"Ruth’s Chris is a strong and distinctive brand in the fine dining segment with an impressive history of delivering elevated dining experiences to their loyal guests,” said Darden CEO Rick Cardenas said in a prepared statement Wednesday.
Darden Restaurants Inc. owns Olive Garden, LongHorn Steakhouse, Yard House, Cheddar’s Scratch Kitchen, The Capital Grille, Seasons 52, Bahama Breeze and Eddie V’s.
Darden shares were flat Wednesday.
The deal, which was unanimously approved by both companies' boards, is expected to close next month.
Welcome to the new age, where Big Tech runs AI on tiny nuclear plants! Plus, banks make bank, the best kind of cancel culture and the wealth gap explained.
CEO of Century 21 Real Estate, Mike Miedler, joins Cheddar to discuss the future of real estate in states that were affected by Hurricanes Helene & Milton.
Dylan Douglas, host of 'Young American with Dylan Douglas,' joins Cheddar to reveal how Gen Z is feeling about the election and what issues matter most to them.
Priceline CEO, Brett Keller, joins Cheddar to discuss the latest travel trends and how Hurricanes Helene & Milton have affected those flying south. Watch!
Hyperice CEO, Jim Heuther, joins Cheddar to discuss the company's latest product collaboration with Nike. Find out how it is helping your favorite athletes.
Founder, Chairman and Principal Analyst of Constellation Research Inc., Ray Wang, reveals how Tesla's Robotaxi is going to disrupt the transportation industry.
