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Subsequent Events
9 Months Ended
Feb. 26, 2017
Subsequent Events [Abstract]  
Subsequent Events
Subsequent Events
On March 22, 2017, the Board of Directors declared a cash dividend of $0.56 per share to be paid May 1, 2017 to all shareholders of record as of the close of business on April 10, 2017.
On March 27, 2017, we entered into an agreement to acquire Cheddar’s Scratch Kitchen (Cheddar’s) for $780.0 million in an all-cash transaction. We will also pay $10.0 million to Cheddar’s equityholders for certain Cheddar’s transaction-related tax attributes. After the acquisition, Cheddar’s will be a wholly-owned subsidiary of Darden. The transaction has been approved by our Board of Directors and is subject to the satisfaction of customary closing conditions, including, among others, the expiration or termination of the applicable waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. The acquisition is expected to be completed in the fourth quarter of fiscal 2017.