What was the total cost of the Chuy's acquisition for Darden Restaurants?

The aggregate consideration paid by Darden Restaurants for the acquisition of Chuy's common stock and outstanding restricted stock units was approximately $660 million.

How did Darden Restaurants finance the acquisition of Chuy's?

Darden financed the acquisition using a portion of the proceeds from its recent offerings of senior notes, including $400 million of 4.350% senior notes due 2027 and $350 million of 4.550% senior notes due 2029, which were issued on October 3, 2024.

What is the fate of Chuy's stock and options following the merger?

Each share of Chuy's common stock was converted into the right to receive $37.50 in cash. All outstanding Chuy's restricted stock units (RSUs) were vested and cashed out. There were no outstanding options to purchase Chuy's common stock at the time of the merger.

What is the impact of this acquisition on Darden's business structure?

As a result of the merger, Chuy's Holdings, Inc. will become an indirect, wholly-owned subsidiary of Darden Restaurants, Inc.

DRI 8-K SEC Disclosure — Oct 11, 2024

01—Abstract

Summary

Summary of the 8-K filed October 11, 2024. Cited figures are marked; the original filing is the authoritative source.

Darden Restaurants, Inc. (DRI) has officially closed its acquisition of Chuy’s Holdings, Inc. (CHUY) as of October 11, 2024.

This strategic move, finalized through a merger where Chuy's becomes an indirect, wholly-owned subsidiary of Darden, signifies a significant expansion for Darden's brand portfolio. The transaction involved paying $37.50^a in cash for each share of Chuy's common stock, resulting in an aggregate purchase price of approximately $660 million.

02—Key points

Key Highlights

Darden Restaurants, Inc. completed the acquisition of Chuy’s Holdings, Inc. on October 11, 2024.
The merger was structured as an all-cash transaction at $37.50 per share of Chuy's common stock.
The total aggregate consideration paid for the acquisition was approximately $660 million.
The acquisition was financed through a combination of Darden's recently issued senior notes, specifically a $400 million offering of 4.350% senior notes due 2027 and a $350 million offering of 4.550% senior notes due 2029.
All outstanding Chuy's restricted stock units (RSUs) were vested and cashed out as part of the transaction.
There were no outstanding options to purchase Chuy's common stock at the time of the merger.
Chuy's will now operate as an indirect, wholly-owned subsidiary of Darden.

03—Questions

Frequently Asked Questions

What was the total cost of the Chuy's acquisition for Darden Restaurants?
The aggregate consideration paid by Darden Restaurants for the acquisition of Chuy's common stock and outstanding restricted stock units was approximately $660 million.
How did Darden Restaurants finance the acquisition of Chuy's?
Darden financed the acquisition using a portion of the proceeds from its recent offerings of senior notes, including $400 million of 4.350% senior notes due 2027 and $350 million of 4.550% senior notes due 2029, which were issued on October 3, 2024.
What is the fate of Chuy's stock and options following the merger?
Each share of Chuy's common stock was converted into the right to receive $37.50 in cash. All outstanding Chuy's restricted stock units (RSUs) were vested and cashed out. There were no outstanding options to purchase Chuy's common stock at the time of the merger.
What is the impact of this acquisition on Darden's business structure?
As a result of the merger, Chuy's Holdings, Inc. will become an indirect, wholly-owned subsidiary of Darden Restaurants, Inc.

04—Continue

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