Ruby Tuesday, Inc. (NYSE: RT) on Monday announced that it agreed to be acquired by a fund managed by NRD Capital.

Under the agreement, the Atlanta-based private equity firm NRD will acquire all of Ruby Tuesday’s common shares for $2.40 per share in cash, which represents a premium of about 21 percent over the restaurant chain’s closing share price on October 13, 2017.

Ruby Tuesday’s shares jumped as much as 18.84 percent to $2.37 per share in the early trading in New York. The stock was down about 45 percent before today’s rally this year.

"The Board of Directors and our advisors have thoroughly evaluated all options available to the Company and are confident that this agreement will provide the most promising opportunity to realize the highest value for our stockholders while providing the best path forward for the Ruby Tuesday brand, its employees, franchisees, and loyal customers," said Stephen Sadove, Non-executive Chairman of Ruby Tuesday. "NRD Capital has a distinguished track record of achieving and maintaining profitable growth for restaurant concepts and will be an excellent partner to lead Ruby Tuesday going forward.

The acquisition is expected to be completed during the first calendar quarter of 2018.