Chuy's Soars In Pre-market On Acquisition By Darden

(RTTNews) - Shares of Chuy's Holdings, Inc. (CHUY), which owns and operates full-service restaurants, were surging more than 46 percent in pre-market on Thursday to $37.15, on the news of it being acquired by Darden Restaurants, Inc. (DRI) for about $605 million in cash.

The purchase price of $37.50 per share represents a 40 percent premium to the 60-day volume weighted average price.

The deal is expected to be completed in Darden's second quarter.

Chuy's stock had closed at $25.27, down 0.32 percent on Wednesday. The stock has traded in the range of $22.52 - $42.89 in the last 1 year.