Carrols Restaurant Group Shares Rise 13% on RBI Acquisition
17 January 2024 - 12:29AM
Dow Jones News
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)
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