2 Min Read
(Reuters) - Fiesta Restaurant Group Inc (FRGI.O) is alerting potential suitors that it plans to put itself up for sale, the New York Post reported, citing a source close to the situation.
The owner of the Taco Cabana and Pollo Tropical chains is expected to distribute sales books soon, according to the report. (nyp.st/2dC9Fsl)
Fiesta's shares, which jumped to a five-month high of $28.02, were trading up 5.2 percent at $26.73 on Friday.
There has been some early indication of interest from private equity firms to acquire this business, the Post reported.
The company said in September it was suspending separation of its Taco Cabana business due to challenging market conditions and putting on hold adding Pollo Tropical restaurants in Texas, while reviewing its strategy for the state.
The Dallas-based company, which has a market capitalization of about $684 million, has reported falling profits for the last year.
Fiesta was not immediately available for comment.
Reporting by Aravind K in Bengaluru; Editing by Shounak Dasgupta