×
Newsmax TV & Webwww.newsmax.comFREE - In Google Play
VIEW
×
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
VIEW
Tags: sonic | arbys | inspire | restaurant

Arby's Owner to Buy Drive-In Chain Sonic for $1.57 Billion

Sonic fast food drive restaurant chain sign in blue sky
(Deanpictures/Dreamstime)

Tuesday, 25 September 2018 09:39 AM EDT

Arby’s Restaurant Group-owner Inspire Brands Inc. said on Tuesday it would buy drive-in chain Sonic Corp. for about $1.57 billion in cash, bolstering its portfolio of restaurant brands that includes Buffalo Wild Wings and Rusty Taco.

Inspire has offered Sonic shareholders $43.50 for each share held, a 19 percent premium to the stock’s Monday close.

Sonic’s shares (SONC.O) were trading just above the offer price at $43.60 in early trading.

Including debt, the deal is valued at about $2.3 billion, the companies said.

Inspire brands was formed by private equity firm Roark Capital as a holding company when Arby’s completed the acquisition of Buffalo Wild Wings earlier this year.

Roark bought a majority stake in Arby’s from Wendy’s Co. (WEN.O) in 2011 and purchased the remaining 12.3 percent last month.

© 2023 Thomson/Reuters. All rights reserved.


StreetTalk
Drive-in restaurant chain Sonic Corp. said on Tuesday it had agreed to be bought by Arby's-owner Inspire Brands Inc. for $1.57 billion in cash.
sonic, arbys, inspire, restaurant
130
2018-39-25
Tuesday, 25 September 2018 09:39 AM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
Get Newsmax Text Alerts
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved