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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Carrols Restaurant Group Inc | NASDAQ:TAST | NASDAQ | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 9.54 | 10.04 | 9.07 | 0 | 00:00:00 |
From Jan 2024 to Jan 2025
By Ben Glickman
Shares of Carrols Restaurant Group shot up Tuesday after Burger King-owner Restaurant Brands International said it would acquire the company.
The stock was up 13% to $9.50 in pre-market trading. Shares have increased fourfold in the last year.
RBI said it would pay $9.55 per share for Carrols, giving the company an enterprise value of about $1 billion.
Carrols is the largest Burger King franchisee in the U.S., operating over 1,000 locations. The company also owns and manages 60 Popeyes restaurants.
RBI said the purchase price represented a 13.4% premium on Carrols' Jan. 12 closing price, and a 23% premium on the stock's 30-day volume weighted average price as of Jan. 12.
Carrols' Burger King restaurants generated about $1.8 billion in system sales in the year ended Sept. 30.
Restaurant Brands shares were down 1.1% to $77.58 in pre-market trading.
Write to Ben Glickman at ben.glickman@wsj.com
(END) Dow Jones Newswires
January 16, 2024 08:14 ET (13:14 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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