QSR - Here's Why Carrols Restaurant Group Stock Popped Today
2024-01-16 11:23:51 ET
Shares of Carrols Restaurant Group (NASDAQ: TAST) popped on Tuesday after it announced that it was being acquired for $1 billion by Restaurant Brands International (NYSE: QSR) , (RBI) the owner of popular fast-food chains Burger King, Popeyes, Tim Hortons, and Firehouse Subs. For its part, Carrols is the largest Burger King franchisee, with over 1,000 locations. It also owns 60 Popeyes restaurants.
As of 11 a.m. ET, Carrols stock was up by almost 13% on the news, while Restaurant Brands International's stock was down by about 3.1%.
In late 2022, RBI started making urgent decisions to revitalize its business and brand. It brought in J. Patrick Doyle as executive chairman based on his success at engineering a turnaround for Domino's some years ago. And it launched a plan to modernize its restaurant operations and increase advertising spending, among other things.
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Here's Why Carrols Restaurant Group Stock Popped Today