Chuy's (CHUY) investor relations material

Executive summary

• A special meeting is scheduled for October 10, 2024, to vote on a merger agreement for the company to be acquired by Darden Restaurants, Inc. at $37.50 per share in cash, representing a 47.9% premium to the pre-announcement price.

• The board unanimously recommends voting in favor of the merger, an advisory compensation proposal, and a potential adjournment proposal if more time is needed to solicit votes.

• Piper Sandler & Co. provided a fairness opinion, concluding the merger consideration is fair from a financial point of view.

Voting matters and shareholder proposals

• Stockholders will vote on: (1) adoption of the merger agreement, (2) a non-binding advisory vote on executive compensation related to the merger, and (3) adjournment of the meeting if necessary to solicit more proxies.

• Approval of the merger requires a majority of outstanding shares; abstentions and broker non-votes count as votes against.

• Appraisal rights are available for dissenting stockholders under Delaware law.

Board of directors and corporate governance

• The board consists of seven members, with Steve Hislop as Chair, President, and CEO.

• The board regularly reviewed strategic alternatives and unanimously approved the merger after a thorough process, including a go-shop period.