Summary
Darden Restaurants, Inc. (DRI) announced the completion of its acquisition of Yard House USA, Inc. on August 29, 2012, for a total purchase price of approximately $585 million. This strategic move expands Darden's portfolio of well-known casual dining brands. The acquisition is expected to provide Darden with approximately $30 million in cash tax benefits, anticipated to be realized in fiscal years 2013 and 2014. The company has incorporated a press release detailing this acquisition as an exhibit to its filing.
Key Highlights
- 1Darden Restaurants completed the acquisition of Yard House USA, Inc. on August 29, 2012.
- 2The total purchase price for Yard House was approximately $585 million, including fees and expenses.
- 3The transaction is expected to yield approximately $30 million in cash tax benefits for Darden.
- 4These tax benefits are projected to be realized in fiscal 2013 and fiscal 2014.
- 5This acquisition signifies an expansion of Darden's brand portfolio in the casual dining sector.
- 6The filing includes a press release dated August 29, 2012, as Exhibit 99.1, which provides further details on the acquisition.
Frequently Asked Questions
The acquisition of Yard House USA, Inc. is significant as it allows Darden Restaurants to expand its presence in the casual dining market by adding another well-recognized brand to its portfolio, potentially driving revenue growth and market share.
Darden paid approximately $585 million for Yard House, which includes fees and expenses. Notably, this total price incorporates an estimated $30 million in cash tax benefits expected to be realized over fiscal years 2013 and 2014.
The acquisition of Yard House USA, Inc. was completed on August 29, 2012.
Further details about the acquisition can be found in the press release issued by Darden Restaurants on August 29, 2012, which is attached as Exhibit 99.1 to this 8-K filing.