Tim Horton Agrees to Burger King's Takeover Offer: Report
Tim Horton has accepted Burger King's offer to buy out the company, CBC News reported. 3G Capital, the investment firm that owns Burger King, would pay $65.50 in cash for every Tim Hortons share, it reported.
Every Tim Hortons shareholder would get also 0.8025 shares in the new entity. Shareholders of Tim Hortons stocks would have the right to choose an all-cash or all-stock option as well.
The cash value of the deal for current Tim Hortons shareholders would stand at more than $94 per share.
Tim Hortons, a Canadian doughnut-and-coffee chain and US-based Burger King's coming together could see the formation of the world's third's largest fast-food chain.
The new entity would have combined global sales of $23 billion and have 18,000 locations in 98 countries.
The boards of both Tim Hortons and Burger King have unanimously approved the deal, CBC News said.
Burger King was etablished in Florida, six decades ago to compete with McDonald's. Tim Hortons is a 50-year old brand.
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