Fiesta Restaurant announces expiration of ‘go-shop’ period

Fiesta Restaurant Group announced the expiration of the 30-day “go-shop” period under the terms of the previously announced merger agreement pursuant to which Authentic Restaurant Brands, a portfolio company of Garnett Station Partners, LLC, will acquire Fiesta in an all-cash transaction. The “go-shop” period expired at 12:01 a.m. Eastern Time on September 5, 2023. Pursuant to the merger agreement, Fiesta’s Board of Directors, with the assistance of its financial advisors, actively solicited alternative acquisition proposals from potentially interested third parties. None of the third parties contacted by Fiesta or its financial advisors provided an alternative acquisition proposal by the go-shop deadline. As previously announced, ARB has agreed to acquire Fiesta for $8.50 per share. The transaction is expected to be completed in the fourth quarter of 2023 and is subject to approval by Fiesta’s stockholders and expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.