Industry News | November 7, 2000

Taco Cabana Shareholders to Discuss Merger

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Taco Cabana Inc. (Nasdaq:TACO) announced today that a special meeting of the shareholders of Taco Cabana Inc. will be held on Monday, Dec. 18, 2000, at 10:00 a.m., local time, at the company's headquarters, 8918 Tesoro Drive, Suite 200, San Antonio, Texas 78217.

The purpose of the special meeting is to consider and vote upon a proposal to approve the Agreement and Plan of Merger between Taco Cabana Inc. and Carrols Corporation. Holders of Taco Cabana shares at the close of business, 5:00 p.m. Eastern Standard Time, on Wednesday, Nov. 8, 2000, are entitled to attend and vote at the meeting.

On Oct. 6, 2000, Taco Cabana and Carrols Corporation jointly announced that they had entered into a definitive Agreement and Plan of Merger under which Carrols Corporation would purchase, for cash, all of the outstanding shares of Taco Cabana Inc. at a price of $9.04 per share.

Taco Cabana shareholders will receive a proxy statement and information regarding the merger prior to the special meeting. The proxy statement is expected to be mailed to shareholders on or about Nov. 15, 2000.

News and information presented in this release has not been corroborated by QSR, Food News Media, or Journalistic, Inc.