Carrols Restaurant rises to four-year high on deal with Burger King owner

Carrols Restaurant

16/01/2024 18:30

(Updates)
    ** Shares of Carrols Restaurant Group  TAST.O  up as much as
13.3% at $9.54 - highest since May 7, 2019
        ** Stock set for fifth straight session of gains and for
best day since Nov. 9
  
    ** Burger King parent Restaurant Brands  QSR.TO  says it
will take full control of TAST in a deal that values the largest
U.S. Burger King franchise at about $1 billion 
    ** QSR will pay $9.55/shr in cash for TAST shares it doesn't
already own, which is a 13.4% premium on stock's last close on
Jan. 12
    ** QSR currently owns ~15% of TAST
    ** Transaction expected to be completed in Q2 2024
    ** Restaurant Brand's U.S.-listed shares  QSR.N  down as
much as 3.8% at $75.45
        ** If losses hold, stock set for its worst day since
Sept. 13, 2022
    ** TAST stock rose nearly 480% in 2023, while QSR stock rose
18.2% in the same period

 (Reporting by Granth Vanaik and Anuja Bharat Mistry in
Bengaluru)
 ((Granth.Vanaik@thomsonreuters.com; Twitter: https://twitter.com/Vanaik_Granth;))