05:09 PM EDT, 07/17/2024 (MT Newswires) -- Darden Restaurants ( DRI ) and Chuy's Holdings said late Wednesday they have struck a deal for Darden to acquire Chuy's for $37.50 per share in cash with an enterprise value of about $605 million.

Chuy's will complement Darden's portfolio, the companies said. The deal, backed by both boards, includes a 30-day 'go-shop' period that will allow Chuy's to seek alternative proposals.

Darden has enough liquidity to complete the deal, the statement said. The companies expect to complete the transaction in Darden's fiscal Q2.

Chuy's shares were up about 47% in extended trading while Darden was around 1% lower.

Price: 145.73, Change: -1.62, Percent Change: -1.10