SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
RULE 13d-2(a)
Under the Securities Exchange Act of 1934
(Amendment No. 3)*
Carrols Restaurant Group, Inc.
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(Name of Issuer)
Common Stock, $0.01 par value
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(Title of Class of Securities)
14574X104
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(CUSIP Number)
Marc Weingarten, Esq.
Schulte Roth & Zabel LLP
919 Third Avenue
New York, New York 10022
(212) 756-2000
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
February 27, 2007
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(Date of Event which Requires
Filing of This Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition that is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following
box. [ ]
NOTE: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See Rule 13d-7 for other parties
to whom copies are to be sent.
(Continued on following pages)
(Page 1 of 10 Pages)
--------------------------
* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
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CUSIP NO. 14574X104 SCHEDULE 13D PAGE 2 OF 15 PAGES
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
CLINTON GROUP, INC.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
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7 SOLE VOTING POWER
-0-
----------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 924,251
OWNED BY ----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH -0-
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
924,251
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
924,251
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12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.29%
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14 TYPE OF REPORTING PERSON*
IA; CO
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* SEE INSTRUCTIONS
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CUSIP NO. 14574X104 SCHEDULE 13D PAGE 3 OF 15 PAGES
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
CLINTON MULTISTRATEGY MASTER FUND, LTD.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
CAYMAN ISLANDS
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7 SOLE VOTING POWER
-0-
----------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 127,014
OWNED BY ----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH -0-
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
127,014
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
127,014
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12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
.59%
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14 TYPE OF REPORTING PERSON*
CO
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* SEE INSTRUCTIONS
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CUSIP NO. 14574X104 SCHEDULE 13D PAGE 4 OF 15 PAGES
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--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
CLINTON SPECIAL OPPORTUNITIES MASTER FUND, LTD.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
CAYMAN ISLANDS
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7 SOLE VOTING POWER
-0-
----------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 408,319
OWNED BY ----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH -0-
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
408,319
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
408,319
--------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.89%
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14 TYPE OF REPORTING PERSON*
CO
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* SEE INSTRUCTIONS
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CUSIP NO. 14574X104 SCHEDULE 13D PAGE 5 OF 15 PAGES
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
CLINTON MAGNOLIA MASTER FUND, LTD.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
CAYMAN ISLANDS
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7 SOLE VOTING POWER
-0-
----------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 388,918
OWNED BY ----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH -0-
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
388,918
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
388,918
--------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.80%
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14 TYPE OF REPORTING PERSON*
CO
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* SEE INSTRUCTIONS
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CUSIP NO. 14574X104 SCHEDULE 13D PAGE 6 OF 15 PAGES
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
CLINTON LEXINGTON MASTER FUND, L.P.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
CAYMAN ISLANDS
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
-0-
----------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY -0-
OWNED BY ----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH -0-
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
-0-
--------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.0%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
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* SEE INSTRUCTIONS
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CUSIP NO. 14574X104 SCHEDULE 13D PAGE 7 OF 15 PAGES
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
GEORGE HALL
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF
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5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES
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7 SOLE VOTING POWER
115,200
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NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 924,251
OWNED BY ----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH 115,200
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
924,251
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
1,039,451
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12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.82%
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14 TYPE OF REPORTING PERSON*
IN
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* SEE INSTRUCTIONS
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CUSIP NO. 14574X104 SCHEDULE 13D PAGE 8 OF 15 PAGES
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ITEM 1. SECURITY AND ISSUER.
This Amendment No.3 is filed with respect to the shares of the common stock, par
value $0.01 per share (the "Shares"), of Carrols Restaurant Group, Inc., a
Delaware corporation (the "Issuer"), beneficially owned by the Reporting Persons
(as defined below) as of February 27, 2008 and amends and supplements the
Schedule 13D, as heretofore amended (the "Schedule 13D"). Except as set forth
herein, the Schedule 13D is unmodified.
ITEM 2. IDENTITY AND BACKGROUND.
(a) This statement is filed by Clinton Group, Inc., a Delaware
corporation ("CGI"), Clinton Multistrategy Master Fund, Ltd., a Cayman Islands
company ("CMSF"), Clinton Special Opportunities Master Fund, Ltd., a Cayman
Islands company ("CSO"), Clinton Magnolia Master Fund, Ltd., a Cayman Islands
exempted company ("CMAG"), Clinton Lexington Master Fund, L.P., a Cayman Islands
exempted limited partnership ("CLEX") and George Hall (collectively, the
"Reporting Persons").
(b) The principal business address of CGI and George Hall is 9 West
57th Street, 26th Floor, New York, New York 10019. The principal business
address of CMSF, CSO, CMAG and CLEX is c/o Fortis Fund Services (Cayman)
Limited, P.O. Box 2003 GT, Grand Pavilion Commercial Centre, 802 West Bay Road,
Grand Cayman, Cayman Islands.
(c) The principal business of CGI is investing for funds and
accounts under its management. The principal business of CMSF, CSO, CMAG and
CLEX is to invest in securities. George Hall is the Chief Investment Officer and
President of CGI.
(d) None of the Reporting Persons nor any of the individuals set
forth in Schedule A attached hereto has, during the last five years, been
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors).
(e) None of the Reporting Persons nor any of the individuals set
forth in Schedule A attached hereto has, during the last five years, been a
party to a civil proceeding of a judicial or administrative body of competent
jurisdiction and as a result of such proceeding was or is subject to a judgment,
decree or final order enjoining future violations of, or prohibiting or
mandating activities subject to, federal or state securities laws or finding any
violation with respect to such laws.
(f) George Hall is a citizen of the United States of America.
The name, citizenship, present principal occupation or employment
and business address of each director and executive officer of CGI, CMSF, CSO,
CMAG and CLEX is set forth in Schedule A attached hereto. To the best of the
Reporting Persons' knowledge, except as set forth in this statement on Schedule
13D, none of such individuals owns any Shares.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
Funds for the purchase of the Shares reported herein were derived from
available capital of CMSF, CSO and CLEX. A total of approximately $18 million
was paid to acquire such Shares.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) As of the close of business on February 28, 2008, the Reporting
Persons excepting George Hall may be deemed the beneficial owners of an
aggregate of 924,251 Shares, constituting approximately 4.29% of the Shares
outstanding. George Hall may be deemed the beneficial owner of an aggregate of
1,039,451 Shares, including 115,200 Shares beneficially owned individually,
constituting approximately 4.82% of the Shares outstanding.
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CUSIP NO. 14574X104 SCHEDULE 13D PAGE 9 OF 15 PAGES
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The aggregate percentage of Shares beneficially owned by the Reporting Persons
is based upon 21,550,827 Shares outstanding, which is the total number of Shares
outstanding as of November 2, 2007 as reported in the Issuer's Quarterly Report
on Form 10-Q filed November 9, 2007 for the period ended September 30, 2007.
(b) By virtue of investment management agreements with each of CMSF,
CSO, CMAG and CLEX, CGI has the power to vote or direct the voting, and to
dispose or direct the disposition, of all of the 127,014 Shares held by CMSF,
the 408,319 Shares held by CSO and the 388,918 Shares held by CMAG. By virtue of
his direct and indirect control of CGI, George Hall is deemed to have shared
voting power and shared dispositive power with respect to all Shares as to which
CGI has voting power or dispositive power, and he individually holds an
additional 115,200 Shares. Accordingly, CGI and George Hall are deemed to have
shared voting and shared dispositive power with respect to an aggregate of
924,251 Shares, and George Hall has sole voting and dispositive power with
respect to an additional 115,200 Shares.
(c) Information concerning transactions in the Shares effected by the
Reporting Persons during the past sixty days is set forth in Schedule B hereto
and is incorporated herein by reference. Unless otherwise indicated, all of such
transactions were effected in the open market.
(d) No person other than the Reporting Persons is known to have the
right to receive or the power to direct the receipt of dividends from, or the
proceeds from the sale of, the Shares.
(e) Not applicable.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH
RESPECT TO SECURITIES OF THE ISSUER.
Item 6 is hereby amended and restated in its entirety as follows:
The Reporting Persons may, from time to time, enter into and dispose of
cash-settled equity swap or other similar derivative transactions with one or
more counterparties that are based upon the value of Shares, which transactions
may be significant in amount. The profit, loss and/or return on such contracts
may be wholly or partially dependent on the market value of the Shares, the
relative value of Shares in comparison to one or more other financial
instruments, indexes or securities, a basket or group of securities in which
Shares may be included, or a combination of any of the foregoing. The Reporting
Persons do not currently have economic exposure to any Shares through such
contracts. Such contracts do not give the Reporting Persons direct or indirect
voting, investment or dispositive control over any securities of the Issuer and
do not require the counterparties thereto to acquire, hold, vote or dispose of
any securities of the Issuer. Accordingly, the Reporting Persons disclaim any
beneficial ownership in any securities that may be referenced in such contracts
or that may be held from time to time by any counterparties to such contracts.
Except as otherwise set forth herein, the Reporting Persons do not have
any contract, arrangement, understanding or relationship with any person with
respect to the securities of the Issuer.
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CUSIP NO. 14574X104 SCHEDULE 13D PAGE 10 OF 15 PAGES
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SIGNATURES
After reasonable inquiry and to the best of his or its knowledge and
belief, each of the undersigned certifies that the information set forth in this
statement is true, complete and correct.
Dated: February 29, 2008
CLINTON GROUP, INC.
By: /s/ Francis Ruchalski
---------------------------
Name: Francis Ruchalski
Title: Comptroller
CLINTON MULTISTRATEGY MASTER FUND, LTD.
By: Clinton Group, Inc. its investment
manager
By: /s/ Francis Ruchalski
---------------------------
Name: Francis Ruchalski
Title: Comptroller
CLINTON SPECIAL OPPORTUNITIES MASTER FUND, LTD.
By: Clinton Group, Inc. its investment
manager
By: /s/ Francis Ruchalski
---------------------------
Name: Francis Ruchalski
Title: Comptroller
CLINTON LEXINGTON MASTER FUND, L.P.
By: Clinton Group, Inc. its investment
manager
By: /s/ Francis Ruchalski
---------------------------
Name: Francis Ruchalski
Title: Comptroller
/s/ George Hall
------------------------------
George Hall
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CUSIP NO. 14574X104 SCHEDULE 13D PAGE 11 OF 15 PAGES
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SCHEDULE A
DIRECTORS AND EXECUTIVE OFFICERS OF CERTAIN REPORTING PERSONS
The following sets forth the name, position and principal occupation of
each director and executive officer of CGI. Each such person is a citizen of the
United States of America. The business address of each director and executive
officer is 9 West 57th Street, 26th Floor, New York, New York 10019.
CLINTON GROUP, INC.
Name Position
--------------------------- -------------------------------------------
George Hall Director and President
Francis A. Ruchalski Director and Chief Financial Officer
Wendy Ruberti General Counsel and Assistant Secretary
John L. Hall Director
The following sets forth the name, citizenship, principal occupation and
business address of each director of each of CMSF, CSO, CMAG and of the general
partner of CLEX. There are no executive officers of CMSF, CSO, CMAG and CLEX.
CLINTON MULTISTRATEGY MASTER FUND, LTD.
Jane Fleming is a citizen of the United Kingdom. Her principal occupation is
Client Accountant of Queensgate Bank & Trust Company Ltd. Her business address
is Queensgate Bank & Trust Company Ltd., Harbour Place, 5th Floor, 103 South
Church Street, P.O. Box 30464 SMB, Grand Cayman, Cayman Islands.
Dennis Hunter is a citizen of the United Kingdom. His principal occupation is
Director of Queensgate Bank & Trust Company Ltd. His business address is
Queensgate Bank & Trust Company Ltd., Harbour Place, 5th Floor, 103 South Church
Street, P.O. Box 30464 SMB, Grand Cayman, Cayman Islands.
Roger Hanson is a citizen of the United Kingdom. His principal occupation
is director of dms Management Ltd. His business address is dms Management Ltd.,
P.O. Box 31910 SMB, Ansbacher House, 20 Genesis Close, Grand Cayman, Cayman
Islands.
Blair Gauld is a citizen of New Zealand. His principal occupation is Director of
Queensgate Bank & Trust Company Ltd. His business address is Queensgate Bank &
Trust Company Ltd., Harbour Place, 5th Floor, 103 South Church Street, P.O. Box
30464 SMB, Grand Cayman, Cayman Islands.
CLINTON SPECIAL OPPORTUNITIES MASTER FUND, LTD.
Dennis Hunter's citizenship, principal occupation and business address are set
forth above.
Roger Hanson's citizenship, principal occupation and business address are set
forth above.
Cassandra Powell is a citizen of the Cayman Islands. Her principal occupation is
Senior Manager of Queensgate Bank & Trust Company Ltd. Her business address is
Queensgate Bank & Trust Company Ltd., Harbour Place, 5th Floor, 103 South Church
Street, P.O. Box 30464 SMB, Grand Cayman, Cayman Islands.
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CUSIP NO. 14574X104 SCHEDULE 13D PAGE 12 OF 15 PAGES
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CLINTON MAGNOLIA MASTER FUND, LTD.
Jane Fleming's citizenship, principal occupation and business address are set
forth above.
Dennis Hunter's citizenship, principal occupation and business address are set
forth above.
Roger Hanson's citizenship, principal occupation and business address are set
forth above.
CLINTON LEXINGTON MASTER FUND, L.P.
Clinton GP, Inc., a Delaware limited liability company ("Clinton GP"), is the
general partner of Clinton Lexington Master Fund, L.P. Clinton GP is controlled
by George E. Hall. George Hall's citizenship, principal occupation and business
address are set forth above.
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CUSIP NO. 14574X104 SCHEDULE 13D PAGE 13 OF 15 PAGES
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SCHEDULE B
TRANSACTIONS IN THE SHARES BY THE REPORTING PERSONS DURING THE PAST 60 DAYS
Clinton Multistrategy Master Fund, Ltd.
Trade Date Shares Purchased (Sold) Price Per Share ($)
---------- ----------------------- -------------------
11/13/07 2,000 9.95
12/19/07 (5,701) 10.21
1/7/08 (1,000) 8.92
1/16/08 (615,000) 8.05
1/17/08 (35,000) 8.00
1/17/08 (40,000) 7.90
1/18/08 (35,000) 7.73
1/22/08 (28,145) 7.54
1/23/08 (600) 8.13
1/25/08 (1,300) 8.16
2/8/08 (175,000) 7.97
Clinton Special Opportunities
Trade Date Shares Purchased (Sold) Price Per Share ($)
---------- ----------------------- -------------------
1/16/08 1,000 7.77
1/23/08 3,500 8.08
1/23/08 (5,800) 8.01
Clinton Lexington Master Fund, L.P.
Trade Date Shares Purchased (Sold) Price Per Share ($)
---------- ----------------------- -------------------
1/17/08 35,000 8.00
1/17/08 40,000 7.90
1/18/08 35,000 7.73
2/28/08 (350,000) 8.24
2/28/08 (50,024) 8.42
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CUSIP NO. 14574X104 SCHEDULE 13D PAGE 14 OF 15 PAGES
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Clinton Magnolia Master Fund, Ltd.
Trade Date Shares Purchased (Sold) Price Per Share ($)
---------- ----------------------- -------------------
1/16/08 615,000 8.05
1/23/08 (1,145) 7.82
1/23/08 (25,000) 7.80
1/24/08 (12,100) 7.76
1/25/08 (18,404) 8.08
1/28/08 (21,760) 8.01
1/28/08 (10,000) 7.95
1/29/08 (10,000) 8.00
1/29/08 (18,499) 8.02
1/30/08 (20,100) 7.97
1/31/08 (10,000) 7.95
1/31/08 (19,210) 8.07
2/4/08 (9,554) 8.16
2/5/08 (10,001) 8.18
2/5/08 (6,000) 8.17
2/6/08 (8,000) 8.25
2/8/08 175,000 7.97
2/27/08 (81,586) 8.55
2/27/08 (50,000) 8.52
2/28/08 (69,723) 8.42