Carrols Corporation to Acquire Pollo Tropical, Inc.MIAMI Miami, cities, United States Miami (mīăm`ē, –ə). 1 City (1990 pop. 358,548), seat of Dade co., SE Fla., on Biscayne Bay at the mouth of the Miami River; inc. 1896. , Fla.--(BUSINESS WIRE)--June 4, 1998--Carrols Corporation, Burger King's largest U.S. franchisee, and Pollo Tropical Pollo Tropical (lit. Tropical Chicken in Spanish) is a Miami-based fast food restaurant chain specializing in Caribbean food. Pollo Tropical is owned and operated by Carrols Corporation. The first Pollo Tropical opened in November 1988, in Miami. , Inc. (Nasdaq/NM:POYO) jointly announced today that they have entered into a definitive Agreement and Plan of Merger under which Carrols Corporation Carrols is a company that owns fast-food restaurants in the north east and southern United States. It is one of the largest operators of Burger King franchises. They also own the restaurant chains Pollo Tropical and Taco Cabana. would purchase, for cash, all of the outstanding common shares of Pollo Tropical at a price of $11 per share, or a total of approximately $90 million for the 8.2 million common shares outstanding. Under the Agreement, Carrols Corporation will shortly commence a tender offer followed by a merger in which each of the remaining shares of Pollo Tropical will be exchanged for $11 in cash. The tender offer will be made pursuant to definitive offering documents to be filed with the Securities and Exchange Commission. The tender offer will be conditioned on the tender of a majority of Pollo Tropical's outstanding shares of common stock on a fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. basis, the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Antitrust The antitrust laws apply to virtually all industries and to every level of business, including manufacturing, transportation, distribution, and marketing. They prohibit a variety of practices that restrain trade. Improvement Act of 1976 and certain other customary closing conditions for transactions of this type. Alan Vituli, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Carrols Corporation, stated, "This is a unique and attractive opportunity for Carrols Corporation. Pollo Tropical has a strong position in the industry. The restaurants have outstanding unit economics and potential for low-risk growth. It has a young and dynamic management team. Each of the organizations will benefit from the combination." Larry J. Harris, Chairman and CEO of Pollo Tropical, stated, "Our entire organization has worked hard to continually improve the value of Pollo Tropical, and this purchase price reflects those efforts. The Board of Directors and management team believe that the interests of the shareholders and employees are well served in this transaction." Pollo Tropical, Inc., headquartered in Miami, owns and operates 36, and franchises 19, quick-service restaurants featuring grilled fresh chicken marinated in a proprietary blend of tropical fruit juices and spices and authentic "made from scratch" side dishes side dish n. A dish served as an accompaniment to the main course. Noun 1. side dish - a dish that is served with, but is subordinate to, a main course entremets, side order served in an inviting tropical setting. Carrols Corporation, the largest franchisee of Burger King restaurants in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , currently operates 340 Burger King restaurants located in 13 northeastern, midwestern and southeastern states.
CONTACT: Pollo Tropical, Inc.
W. Carl Drew, 305/670-7696
or
Carrols Corporation
Paul Flanders, 315/424-0513 ext. 223
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