Ruth's Hospitality hits 1-year high after agreeing to be bought by Darden

Ruth's Hospitality

03/05/2023 17:33

** Shares of Chris Steak House owner Ruth's Hospitality
Group Inc  RUTH.O  up 33.66% at $21.42 - set for biggest one-day
percentage gain since March 2020
    ** Co to be acquired by Darden Restaurants Inc  DRI.N  for
about $715 mln 
    ** Proposed all-cash transaction at $21.50/shr, a 34%
premium to closing price of $16.03 on Tuesday
    **  DRI.N  shares down marginally by 0.71% at $150.76 
    ** Brokerage Stephens raises target price of RUTH to $21.5
from $20
    ** Stock witnessed trading at highest volumes; volumes are
about 52 times the co's monthly moving average 
    ** Stock had risen 38.31% YTD, including session's gains

 (Reporting by Vedant Vinayak Vichare in Bengaluru)
 ((vedant.vinayakvichare@thomsonreuters.com))