Habit Restaurants Shares Surge on Yum Brands Takeover
06 Janvier 2020 - 4:37PM
Dow Jones News
By Colin Kellaher
Shares of Habit Restaurants Inc. (HABT) rose nearly 33% in early
trading Monday after the fast-casual burger chain agreed to be
acquired by Yum Brands Inc. (YUM) for about $375 million in
cash.
The parent of KFC, Pizza Hut and Taco Bell will pay $14 a share
for Habit, a 33.2% premium to Friday's closing price of $10.51.
Yum said it expects to complete the acquisition, which it will
fund with cash on hand and borrowings under its credit facilities,
by the end of the second quarter.
Habit shares were recently trading at $13.96, up 32.8%.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
January 06, 2020 10:22 ET (15:22 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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