Jack in the Box Inc. said Monday it'll pay $12.51 a share for Del Taco Restaurants Inc. in a deal valued at about $575 million. Del Taco currently operates about 600 restaurants in 16 states, with nearly all offering drive-through windows. Jack in the Box CEO Darin Harris said Del Taco is "a beloved brand and proven regional winner." The price amounts to a premium of 67% over Del Taco's closing price of $7.53 a share on Friday. Del Taco shares are down 17% so far this year, compared to a rise of 20.8% by the S&P 500.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
