Whopper Tim Hortons sale brewing Tim Hortons could be in for a Whopper of a buyout. Canadas iconic coffee and doughnut chain and Miami-based Burger King Worldwide Inc. confirmed Sunday night that they in in talks to join forces and create a new publicly listed company whose headquarters would be in Canada. Within this new entity, Tim Hortons and Burger King would operate as standalone brands, while benefiting from shared corporate services, best practices and global scale and reach, the companies said in a statement. Burger King majority owner, 3G Capital, would own the majority of shares of the new company with the remainder held by existing shareholders of Tim Hortons and Burger King. Theres no timeframe on a Burger King-Tim Hortons deal but if successful, it would create the worlds third-largest fast-food company with about $22 billion in sales and more than 18,000 restaurants in 100 countries. Tim Hortons and Burger King each have strong franchisee networks and iconic brands that are loved by their respective consumers, stated the companies. Any transaction will be structured to preserve these relationships and deepen the connections each brand has with its guests, franchisees, employees and communities. The companies stressed that its not a done deal. The new company would be structured as a tax inversion allowing it tax savings on foreign earnings, the Wall Street Journal reported. Tim Hortons is based in Oakville, Ont., and opened its first restaurant in Hamilton, Ont., 50 years ago.
Posted on: Mon, 25 Aug 2014 13:12:02 +0000
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