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Chuy's Holdings, Inc. (NASDAQ: CHUY) has announced key details for its upcoming Special Meeting of Stockholders. The meeting, scheduled for October 10, 2024 at 9:00 a.m. Central Time, will be held at Chuy's headquarters in Austin, Texas. Stockholders of record as of August 30, 2024 will be eligible to vote on the proposed merger with Darden Restaurants, Inc.
The primary agenda item is the consideration and voting on the Agreement and Plan of Merger dated July 17, 2024. If approved, Chuy's would become an indirect, wholly-owned subsidiary of Darden. The merger is subject to customary closing conditions, including regulatory approval and stockholder approval. Chuy's anticipates completing the merger in the fourth quarter of 2024.
Chuy's Holdings, Inc. (NASDAQ: CHUY) has announced the postponement of its 2024 Annual Meeting of Stockholders, originally scheduled for August 1, 2024. This decision comes in light of the previously announced merger transaction with Darden Restaurants, Inc. The Board of Directors deemed this postponement advisable and in the best interest of Chuy's stockholders.
If the merger is completed, there will be no Annual Meeting involving public stockholders. However, if the merger is not finalized, the Board will take appropriate action to reschedule the Annual Meeting at a later date, including setting a new record date for stockholder voting eligibility.
Darden Restaurants (NYSE:DRI) has announced its acquisition of Chuy's Holdings (Nasdaq: CHUY) in an all-cash transaction valued at approximately $605 million. Darden will acquire all outstanding shares of Chuy's for $37.50 per share, representing a 40% premium to the 60-day volume weighted average price. Chuy's, a Tex-Mex restaurant chain founded in 1982, will complement Darden's portfolio of brands including Olive Garden and LongHorn Steakhouse.
The acquisition is expected to be neutral to Darden's diluted net earnings per share for fiscal 2025 and accretive by 12 to 15 cents in fiscal 2027. Darden anticipates pre-tax net synergies of about $15 million by the end of fiscal 2026. The transaction, unanimously approved by both companies' boards, is expected to close in Darden's fiscal second quarter, subject to customary conditions.
Chuy’s Holdings (NASDAQ:CHUY) announced its participation in two investor conferences in June 2024. The company will engage in a fireside chat at the Stifel 2024 Cross Sector Insight Conference in Boston on June 4 at 1:15 PM ET, which will be webcast live and archived on its website. The next day, June 5, Chuy’s will take part in a fireside chat at the Baird 2024 Global Consumer, Technology & Services Conference in New York.
Chuy's Holdings (NASDAQ: CHUY) has announced the record date for its 2024 Annual Meeting of Stockholders as June 4, 2024. The meeting will be held on August 1, 2024, at 9:00 a.m. Central Time at Chuy's headquarters in Austin, Texas. Attendance is to stockholders of record and beneficial owners who can provide proof of ownership as of the record date. Eligible attendees must present documentation such as an account statement, voting instruction card from a broker, bank, trustee, or nominee, or similar evidence of ownership.
Chuy's Holdings, Inc. announced its first-quarter 2024 financial results, reporting revenue of $110.5 million, a decrease from the previous year due to a shift in the calendar and unfavorable weather conditions impacting comparable restaurant sales. Net income and adjusted net income also decreased, while restaurant-level operating margin remained at 18.8%. Despite challenges, the company sees growth in off-premise business and remains focused on operational excellence. Unit growth is a key part of their long-term strategy, with new restaurant openings on track.
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