U.S. hamburger restaurant chain Jack in the Box Inc said on Monday it would buy Del Taco Restaurants Inc for $455.3 million, as it looks to expand its customer base and take advantage of the Mexican food chain’s drive-thru foothold.
Under the deal, Jack in the Box will pay $12.51 in cash for each Del Taco share, which is a premium of over 66% to its closing price on Friday. The total value of the deal, including debt, is about $575 million.
San Diego, California-based Jack in the Box said it expects the deal to immediately add to its earnings, adding the combined company would realize about $15 million in savings by the end of fiscal 2023 through supply chain and digital efficiencies.
Read more/Source: Reuters
