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Darden Restaurants (DRI) -1.4% AH after announcing the acquisition of restaurant chain Yard...

Darden Restaurants (DRI) -1.4% AH after announcing the acquisition of restaurant chain Yard House for $585M in cash (after accounting for $30M in tax benefits). Darden predicts Yard House, which owns 39 restaurants in 13 states, will dilute its FY13 (ends May '13) EPS by $0.03-$0.05, and be accretive afterwards. Darden now plans only $50M worth of FY13 stock buybacks, down from a prior $200M-$250M. (PR)
Comments (2)
  • Gutone
    , contributor
    Comments (438) | Send Message
     
    Man, $585 million for 39 restaurants is just plainly crazy.
    12 Jul 2012, 05:34 PM Reply Like
  • Jeremy Johnson, CFA
    , contributor
    Comments (778) | Send Message
     
    "The Cheesecake Factory of bars." ... now literally.
    12 Jul 2012, 06:13 PM Reply Like
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