Darden Restaurants acquires Chuy’s
Wall Street Breakfast
Seeking Alpha
4.1 • 1K Ratings
🗓️ 18 July 2024
⏱️ 6 minutes
🧾️ Download transcript
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Transcript
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| 0:00.0 | Welcome to See King Alpha's Wall Street breakfast, where we cover the top news for investors every morning. |
| 0:08.0 | Good morning. Today is Thursday, July 18th, I'm Julie Morgan. |
| 0:13.2 | Darden is adding Tex-Mex to its portfolio. |
| 0:16.9 | Could we see a split of Warner Brothers Discovery? |
| 0:20.4 | And Beyond Meat is working on its Way Forward. |
| 0:24.0 | Darden restaurants announced on Wednesday that it is acquiring |
| 0:28.0 | Chui's Holdings for $37.50 a share. |
| 0:32.0 | The all-cash transaction will have an enterprise value of approximately $605 million. |
| 0:38.3 | Darden expects pre-tax net synergies of approximately $15 million by the end of fiscal 2026. |
| 0:46.4 | The deal price was 48% above where Chuies closed on Wednesday, but below the 52-week high of $42.89. |
| 0:55.6 | Chewies will join Darden's portfolio of brands that already includes Olive Garden, |
| 1:00.6 | Longhorn Steakhouse, Yard House, Ruth's Chris Steak House, |
| 1:04.8 | Cheddar Scratch Kitchen, The Capital Grill, Seasons 52, Eddie V's and Bahama Breeze. |
| 1:12.0 | Chewy's Holdings went public with the 75.8 million dollar IPO on July 24th of 2012. |
| 1:19.0 | For the last 12 months ending March 31st, Chewy generated total revenue over 450 million, an average |
| 1:26.2 | annual restaurant volume of $4.5 million. |
| 1:30.1 | Dinnies and Cheesecake Factory are the two restaurant stocks that traded with the closest multiples as chewies before the deal. |
| 1:37.5 | Pre-market Chewies is up 47%. |
| 1:41.5 | Warner Brothers Discovery is reportedly evaluated. 7%. times that the media giant CEO is looking into spinning off its streaming and |
| 1:55.0 | studio businesses into a separate company. The TV group would be saddled with |
| 1:59.7 | most of the $39 billion debt load giving the faster growing streaming and studio business more flexibility |
| 2:06.9 | to invest in growth. |
... |
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