collected by :Molly Tony
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/darden-restaurants-agrees-to-acquire-cheddars-scratch-kitchen-for-780-million-adds-a-casual-dining-value-leader-to-dardens-portfolio-of-differentiated-brands-300429851.htmlSOURCE Darden Restaurants, Inc.: FinancialRelated Linkshttp://www.Darden.com
“Cheddar’s is an undisputed casual dining value leader with broad appeal and strong average restaurant volumes,” said Darden CEO Gene Lee.
Ian Baines , CEO of Cheddar’s, will remain President of Cheddar’s and report to Gene Lee , Darden President and CEO.
Ian Baines, Cheddar’s CEO, stated, “We are excited about the opportunity to be a part of Darden.
Transaction HighlightsDarden has agreed to acquire Cheddar’s for $780 million , subject to customary adjustments.
as declared in
Darden Restaurants to buy Cheddar’s Scratch Kitchen for $780 million
Olive Garden owner Darden Restaurants said on Monday it would buy Cheddar’s Scratch Kitchen for $780 million in an all-cash transaction.
Darden reported earnings of $1.32 per share, versus $1.27 per share predicted by analysts, according to Thomson Reuters consensus estimates.
The company reported earnings per share above the Street’s estimate by 5 cents.
Darden said it would buy the restaurant chain from its shareholders including private equity-firms L Catterton and Oak Investment Partners.
Bank of America/Merrill Lynch is the financial adviser and Hunton & Williams is the legal adviser to Darden.
as declared in Citi applies for capital markets licence in Saudi Arabia-sourcesKHOBAR/DUBAI, March 28 Citigroup has formally applied for a licence to conduct capital markets business in Saudi Arabia, two sources familiar with the matter said, in a major move to return to the country after a roughly thirteen year absence.