Brief: Carrols Restaurant Group Enters Into Definitive Agreement To Acquire 221 Restaurants Through Merger With Cambridge Franchise Holdings, LLC

Carrols Restaurant

20/02/2019 12:26

Feb 20 (Reuters) - Carrols Restaurant Group Inc  TAST.O :
    * CARROLS RESTAURANT GROUP, INC. ENTERS INTO DEFINITIVE
AGREEMENT
TO ACQUIRE 221 RESTAURANTS AND EXPAND INTO POPEYES BRAND THROUGH
MERGER WITH CAMBRIDGE FRANCHISE HOLDINGS, LLC
    * CARROLS RESTAURANT GROUP INC - TRANSACTION WILL BE
STRUCTURED AS
A TAX-FREE MERGER
    * CARROLS RESTAURANT GROUP INC - CAMBRIDGE WILL RECEIVE
APPROXIMATELY 7.36 MILLION SHARES OF CARROLS COMMON STOCK FROM
DEAL
    * CARROLS RESTAURANT GROUP INC - INCLUDING ABOUT $100
MILLION OF
NET DEBT ASSUMED FROM CAMBRIDGE, TRANSACTION IS VALUED AT $238
MILLION
    * CARROLS RESTAURANT - CAMBRIDGE WILL RECEIVE ABOUT 7.36
MILLION
SHARES OF CO'S STOCK, AND AT CLOSING WILL OWN ABOUT 16.6% OF
CO'S OUTSTANDING COMMON SHARES
    * CARROLS RESTAURANT GROUP INC - AS PART OF TRANSACTION,
CAMBRIDGE
WILL HAVE RIGHT TO DESIGNATE UP TO TWO DIRECTOR NOMINEES
    * CARROLS RESTAURANT GROUP INC - INCLUDING APPROXIMATELY
$100
MILLION OF NET DEBT ASSUMED FROM CAMBRIDGE, TRANSACTION VALUE IS
OF $238 MILLION
    * CARROLS RESTAURANT - ENTERED INTO AGREEMENT & PLAN OF
MERGER TO
ACQUIRE 166 BURGER KING & 55 POPEYES RESTAURANTS FROM CAMBRIDGE
FRANCHISE HOLDINGS
    * CARROLS RESTAURANT GROUP INC - MATT PERELMAN AND ALEX
SLOANE
WILL JOIN CARROLS BOARD OF DIRECTORS UPON COMPLETION OF MERGER
    * CARROLS RESTAURANT GROUP INC - ENTERED INTO A NEW AREA
DEVELOPMENT AND REMODELING AGREEMENT WITH BURGER KING
CORPORATION
    * CARROLS RESTAURANT GROUP INC - RESTAURANT SALES INCREASED
8.4%
TO $307.7 MILLION IN Q4 OF 2018 FROM $284.0 MILLION IN PRIOR
YEAR QUARTER
    * CARROLS RESTAURANT GROUP INC - COMPARABLE RESTAURANT SALES
FOR
Q4 INCREASED 2.7% COMPARED TO AN 8.9% INCREASE IN PRIOR YEAR
QUARTER
    * CARROLS RESTAURANT GROUP INC - QTRLY ADJUSTED EBITDA (A
NON-GAAP
MEASURE) WAS $24.3 MILLION COMPARED TO $25.8 MILLION IN Q4 OF
2017

Source text for Eikon:  ID:nBw6T0QXpa 
Further company coverage:  TAST.O 

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