Carrols board approves Fiesta spin-off

Burger King franchisee Carrols Restaurant Group Inc. said Wednesday its board of directors had approved the spin-off of Fiesta Restaurant Group Inc., an indirect wholly owned subsidiary comprising the Pollo Tropical and Taco Cabana fast-casual brands.

The spin-off of Fiesta, which is expected to be finalized May 7, will be completed through a tax-free dividend of common stock of Fiesta to Carrols’ shareholders.

As of Jan. 1, 2012, Fiesta’s company-owned restaurants i

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