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Chuy’s Holdings Inc (NASDAQ:CHUY) shares are popping in Wednesday’s after-hours session after the company and Darden Restaurants, Inc. (NYSE:DRI) jointly announced that Darden will acquire Chuy’s Holdings.
What Happened: Chuy’s Holdings and Darden entered into a definitive agreement in which Darden will acquire all of Chuy’s outstanding stock for $37.50 per share in cash. The all-cash transaction has an enterprise value of approximately $605 million.
“Chuy’s is a differentiated brand within the full-service dining industry with strong performance and growth potential,” said Rick Cardenas, president and CEO of Darden. “Based on our criteria for adding a brand to the Darden portfolio, we believe Chuy’s is an excellent fit that supports our winning strategy.”
The transaction was unanimously approved by both boards and is expected to be completed in Darden’s fiscal second quarter. Darn expects the acquisition to be neutral to its net earnings per share for fiscal 2025.
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Chuy’s owns and operates full-service restaurants serving a distinct menu of authentic, made-from-scratch Tex-Mex-inspired dishes. The restaurant brand will join Darden’s existing lineup, which includes 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.
CHUY Price Action: Chuy’s shares were up 47.41% after hours at $37.25 at the time of publication Wednesday, according to Benzinga Pro.
Photo: JD Hancock from Flickr.
