Darden Restaurants agrees to acquire Chuy's Holdings for $37.50 per share in cash
Darden Restaurants agreed on July 17, 2024 to acquire all outstanding shares of Chuy's Holdings for $37.50 per share in cash, a transaction with an enterprise value of approximately $605 million. The deal requires approval by a majority of Chuy's stockholders and the expiration of the HSR waiting period, and it is not subject to a financing condition. For Darden shareholders, the companies say the deal is expected to be neutral to fiscal 2025 diluted EPS excluding acquisition costs, and accretive by approximately 12 to 15 cents in fiscal 2027.
Key points
- Price of $37.50 per share in cash, about $605 million enterprise value, a 40% premium to Chuy's 60-day volume weighted average price
- Darden expects acquisition and integration-related expenses of approximately $50 to $55 million, pre-tax, and pre-tax net synergies of approximately $15 million by the end of fiscal 2026
- Go-shop period ends 11:59 p.m. New York time on August 16, 2024; termination fee of $22,421,057 applies in certain circumstances; End Date is February 17, 2025
- Chuy's had 101 restaurants in 15 states as of July 16, 2024, and total revenues over $450 million for the twelve months ended March 31, 2024
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 1:10 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on July 17, 2024.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.