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Ruby Tuesday Inc (RT.N) said on Monday it would be acquired by private equity firm NRD Capital for an enterprise value of about $335 million.

The cash offer of $2.40 per share represents a premium of about 21 percent over Friday’s closing price.

The restaurant operator’s shares were trading up 19 percent at $2.37 before the bell, still a far cry from the $33 high it hit in 2004.

Excluding debt, the equity value of the deal is about $145 million.

Ruby Tuesday, which has suffered losses and declining sales for the last five years as fewer diners visited its restaurants, said in March it was exploring strategic alternatives.