March 27, 2017 / 8:46 PM / 4 months ago

BRIEF-Darden Restaurants to buy Cheddar's Scratch Kitchen for $780 mln

1 Min Read

March 27 (Reuters) - Darden Restaurants Inc

* Darden Restaurants agrees to acquire Cheddar's Scratch Kitchen for $780 million; adds a casual dining value leader to Darden's portfolio of differentiated brands

* Darden Restaurants Inc - expects between $20 and $25 million of annualized pre-tax run rate synergies from deal by fiscal 2019.

* Darden Restaurants Inc says Darden will also pay $10 million for certain Cheddar's transaction-related tax attributes

* Darden Restaurants Inc - Ian Baines, ceo of cheddar's, will remain president of Cheddar's and report to Gene Lee, Darden president and ceo

* Darden Restaurants - deal expected to be accretive to co's diluted net earnings per share in FY 2018 by about 12 cents, excluding any acquisition and integration-related expenses

* Darden Restaurants Inc - agreed to acquire Cheddar's Scratch Kitchen in an all-cash transaction from its stockholders Source text for Eikon: Further company coverage:

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below