Del Frisco’s Restaurant Group stock price soars on news it might have a buyer

Three restaurant groups are interested in buying all or part of the Double Eagle Steakhouse parent, according to a media report.
Photograph: Shutterstock

Darden Restaurants, Ruth’s Hospitality Group and Landry’s are reported to be interested in all or part of Del Frisco’s Restaurant Group, according to a report.

Finance site The Deal reported Monday that Darden wants to buy the entire restaurant company, which includes Double Eagle Steakhouse, Barcelona Wine Bar, Bartaco and Del Frisco’s Grille, while Ruth’s Hospitality and Landry’s are only interested in the steakhouse concept.

The final bidders are willing to purchase the Irving, Texas-based company for about $9 a share, according to the report.

Del Frisco’s stock had skyrocketed more than 35% on the news by late-day Monday.

Late last week, the struggling restaurant company announced plans to lay off up to 15% of its general and administrative workforce to cut costs.

The move follows Del Frisco’s announcement late last year that it would begin the strategic review process with an eye toward a possible sale in the wake of shareholder pressure and falling stock prices.

Last May, Del Frisco’s announced a deal to acquire Barteca Restaurant Group, owner of Barcelona Wine Bar and Bartaco, for $325 million.

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