Ruth's Hospitality Stock Soared Today on Darden Restaurants Buyout Deal

Darden Restaurants (NYSE: DRI), the parent company of the Olive Garden, Longhorn Steakhouse, and Cheddar's restaurant chains, among others, is acquiring upscale steakhouse operator Ruth's Hospitality Group (NASDAQ: RUTH), in a deal valued at about $715 million. Darden stock was essentially flat on the news. In late March, on Darden's fiscal 2023 third-quarter conference call, an analyst asked CEO Rick Cardenas about the possibility of making an acquisition.