The Orlando-based group behind Olive Garden, LongHorn, and multiple other restaurant franchises has completed its acquisition of the brand behind Ruth’s Chris Steak House, which is headquartered in Winter Park.
On Wednesday, Darden Restaurants, Inc. announced that it has completed its acquisition of Ruth’s Hospitality Group, Inc., which owns the popular steak restaurant franchise.
The company acquired all of the outstanding share’s of Ruth’s Hospitality Group for $21.50 per share, or approximately $715 million. According to the American Stock Transfer & Trust Company, which acted as the depositary for the offer, as of the time of closing, approximately 22,853,263 shares were tendered. That represents approximately 71.2% of the outstanding shares.
In connection with the merger, each share not purchased in the tender offer was cancelled and concerted into the right to receive $21.50 in cash, without interest, less any applicable withholding taxes. After the consummation of the merger, Ruth’s Hospitality Group, Inc. became an indirect, wholly owned subsidiary of Darden Restaurants, Inc.
At the completion of the merger, the common stock of Ruth’s Hospitality Group, Inc. ceased trading on Nasdaq.
“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 Rick Cardenas, President and CEO of Darden Restaurants at the time the acquisition was announced in early May. “It fits the criteria we have for adding a brand to our portfolio and supports our winning strategy. Ruth’s Chris is a great complement to our portfolio of brands, and I’m pleased to welcome their nearly 5,000 team members to Darden.”
Founded in 1965 in New Orleans, Ruth’s is currently headquartered in Winter Park. The company operates 154 locations around the world, including 74 franchised restaurants and 80 that are company-owned or operated.
Darden Restaurants currently operates eight different brands including Olive Garden, LongHorn Steakhouse, Yard House, Cheddar’s Scratch Kitchen, The Capital Grille, Seasons 52, Bahama Breeze, and Eddie V’s.