The total value reflects the assumption or refinancing of Trustreet's debt. As for the equity, Trustreet is being valued at $17.05 a share. The transaction should close during the first quarter of 2007.
Shares of Trustreet have a 52-week high of $15.85 and closed Friday at $12.51. Following news of the takeover, the stock jumped nearly 35% to $16.85 early Monday.
Trustreet's customers include Wendy's, Burger King, Jack-In-The-Box, Arby's, Denny's and Pizza Hut franchisees. Trustreet's board unanimously approved the acquisition and recommended that shareholders vote for the purchase.