Reported 5 months ago
Darden Restaurants, the parent company of various restaurant chains, including Olive Garden and LongHorn Steakhouse, has announced the acquisition of Chuy's for approximately $605 million. This deal involves Darden acquiring all outstanding shares of Chuy's for $37.50 per share, with Chuy's known for its unique decor and fresh Tex-Mex cuisine. The acquisition is expected to close later this year pending approval from Chuy's shareholders and comes as both companies face challenges due to a downturn in customer traffic amidst consumer inflation concerns.
Source: YAHOO