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CALIFORNIA / News and Insight on Business in the Golden
State | THE STATE / FOOD

Rally's, Checkers, Giant Cancel Merger Plan

November 03, 1998|Bloomberg News

Rally's Hamburgers Inc., a fast-food chain, and Checkers Drive-In Restaurants Inc. called off their proposed combination with Los Angeles-based holding company Giant Group Ltd. The three companies had announced a plan to merge in September. A "definitive merger agreement could not be finalized within the allowed time period," the companies said in a statement. The three firms, which have unsuccessfully tried to combine previously, remain linked. Giant Group owns approximately 11% of Rally's stock. Rally's, based in Clearwater, Fla., owns 26% of Checkers' stock. Checkers shares were unchanged at 44 cents on Nasdaq. Giant stock was changed at $6.63 on the NYSE, while Rally's shares rose 3 cents to close at 44 cents on Nasdaq.

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