Carrols Restaurant surges after Burger King owner to take full control in $1 bln deal

Carrols Restaurant

16/01/2024 13:04

** Shares of Carrols Restaurant Group  TAST.O  up ~13% at
$9.49 premarket
    ** Burger King parent Restaurant Brands  QSR.TO  says it
will take full control of North American restaurant
franchisee-operator in a deal with total enterprise value of ~$1
bln
    ** QSR will pay $9.55/shr in cash for TAST shares it doesn't
already own, which is 13.4% premium to stock's last close on
Jan. 12
    ** QSR currently owns ~15% of TAST, the largest U.S. Burger
King franchise, operating over 1,000 restaurants
    ** Transaction expected to be completed in Q2 2024
    ** Restaurant Brand's U.S. listed shares  QSR.N  down 1.1%
premarket but in low volumes  
    ** TAST stock rose nearly 480% in 2023, while QSR stock rose
18.2% in the same period

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