By Colin Kellaher

Shares of Habit Restaurants Inc. (HABT) rose nearly 33% in early trading Monday after the fast-casual burger chain agreed to be acquired by Yum Brands Inc. (YUM) for about $375 million in cash.

The parent of KFC, Pizza Hut and Taco Bell will pay $14 a share for Habit, a 33.2% premium to Friday's closing price of $10.51.

Yum said it expects to complete the acquisition, which it will fund with cash on hand and borrowings under its credit facilities, by the end of the second quarter.

Habit shares were recently trading at $13.96, up 32.8%.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

January 06, 2020 10:22 ET (15:22 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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