Olive Garden parent Darden to acquire Ruth’s Chris Steak owner for $715 million in cash

Olive Garden parent Darden Restaurants Inc. DRI said Wednesday it’s acquiring Ruth’s Hospitality Group Inc. RUTH, owner of Ruth’s Chris Steak House, in an all-cash deal valued at $715 million. Under the terms of the deal, Darden will pay $21.50 a share for each Ruth’s share owned, equal to a 34% premium over its closing price on Tuesday and a 32% premium over its 30-day volume weighted average price. Darden, which also owns LongHorn Steakhouse, Yard house and The Capital Grille, is expecting the deal to boost per-share earnings by 10 cents to 12 cents by fiscal 2024. Ruth’s was founded in 1965 in New Orleans and had…