Darden Restaurants Acquires Ruth's Chris Steak House for $715M

Darden Restaurants is acquiring Ruth's Hospitality Group, the parent company of Ruth's Chris Steak House, for $715 million in an all-cash transaction. The deal values Ruth's at $21.50 per share. Ruth's will join Darden's fine-dining portfolio, which already includes The Capital Grille and Eddie V's. The acquisition is Darden's first in six years and is expected to close in June. Ruth's CEO Cheryl Henry will stay on as president of Ruth's Chris and report to Darden CEO Rick Cardenas.