Fast food operator Restaurant Brands has received a full takeover offer from its major shareholder Madrid-based Finaccess Restauración valuing the company at $630 million.
Finaccess already owned 75% of Restaurant Brands, which operated the KFC, Pizza Hut, Taco Bell and Carl’s Jr. brands in New Zealand, the KFC and Taco Bell brands in Australia, the KFC and Taco Bell brands in California, and Taco Bell and Pizza Hut brands in Hawaii.
The company had 516 stores located in New Zealand (155), Australia (70), California (71) and Hawaii, including Saipan and Guam (70).
Finaccess offered to buy all the shares it did not already own at offer price of $5.05 a share, which was a 71% premium to the last closing price of $2.96 a share.
The offer will close in 29 working days, though Accident Compensation Corp, which held about 5.9m shares or 4.7% in Restaurant Brands, had already agreed to accept the offer.
Finaccess said the offer price was the final and best price it was willing to pay.
“We will not increase the consideration payable under the offer,” Finaccess said in a report to the market.
“We will not then make a subsequent takeover offer under the Takeovers Code for the ordinary shares in the Restaurant Brands within 24 months from the date of this letter.”
rnz.co.nz
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