ORLANDO,
Fla., June 14, 2023 /PRNewswire/ -- Darden
Restaurants, Inc. ("Darden") (NYSE: DRI), announced today that it
has completed its acquisition of Ruth's Hospitality Group, Inc.
("Ruth's"). The Ruth's Chris Steak House brand now joins and
complements Darden's portfolio of differentiated brands that
include Olive Garden, LongHorn Steakhouse, Yard House, Cheddar's
Scratch Kitchen, The Capital Grille, Seasons 52, Eddie V's and
Bahama Breeze.
Ruth's Chris features signature USDA Prime steaks served
sizzling on 500-degree plates, New
Orleans-inspired sides and an award-winning wine list.
Ruth's Chris has 155 locations around the globe, including 81
company-owned or company-operated restaurants and 74 franchised
restaurants.
Darden's tender offer for all of the issued and outstanding
shares of Ruth's common stock at a price of $21.50 per share, without interest, net to the
seller in cash, less any applicable withholding taxes, expired as
scheduled at one minute after 11:59
p.m., New York City time,
on June 13, 2023, and was not
extended (such date and time, the "Offer Expiration Time").
American Stock Transfer & Trust Company, LLC, the depositary
for the tender offer, has advised Darden that, as of the Offer
Expiration Time, 22,853,263 shares were validly tendered and not
validly withdrawn, which represented approximately 71.2% of the
then-issued and outstanding shares. All of the conditions to the
tender offer were satisfied, and Ruby Acquisition Corporation
("Purchaser"), an indirect wholly owned subsidiary of Darden,
accepted for payment, and will promptly pay for, the tendered
shares.
The acquisition was completed on June 14,
2023, through a merger of Purchaser with and into Ruth's in
accordance with Section 251(h) of the General Corporation Law of
the State of Delaware without a
stockholder vote. In connection with the merger, each share not
purchased in the tender offer was cancelled and converted into the
right to receive $21.50 in cash,
without interest, less any applicable withholding taxes. Following
the consummation of the merger, Ruth's became an indirect, wholly
owned subsidiary of Darden.
In connection with the completion of the merger, Ruth's common
stock ceased trading on Nasdaq.
About Darden
Darden is a restaurant company featuring a portfolio of
differentiated brands that include Olive Garden, LongHorn
Steakhouse, Yard House, Ruth's Chris Steak House, Cheddar's Scratch
Kitchen, The Capital Grille, Seasons 52, Eddie V's and Bahama Breeze. For more information, please
visit www.darden.com.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/darden-restaurants-completes-acquisition-of-ruths-hospitality-group-301850732.html
SOURCE Darden Restaurants, Inc.: Financial