The owners of Burger King is shopping Popeyes for $1.8 billion


The owners of Burger King and Tim Hortons, Restaurant Brands
International, is shopping Popeyes
Louisiana Kitchen
for $79 per share, or $1.8 billion.

“Popeyes is a absolute code with a abounding Louisiana birthright that
resonates with guest around a world,” Restaurant Brands
International CEO Daniel Schwartz pronounced in a statement. “With this
transaction, RBI is adding a code that has a distinctive
position within a constrained shred and clever US and
general prospects for growth.”

The offer cost represents a 27% premium. The understanding will be
financed with money and a loan from JPMorgan and Wells Fargo.

Restaurant Brands
International is a Canadian multinational
that was shaped when
Burger King joined with Tim Hortons in 2014

It is majority-owned by a Brazilian private-equity organisation 3G
Capital, led by a billionaire Jorge Paulo Lemann. The organisation is
also heavily invested in Kraft Heinz, that final week
attempted to combine with Unilever

Here’s a full press release:

OAKVILLE, ON, and ATLANTA, GA, Feb. 21, 2017 /PRNewswire/ —
Restaurant Brands International Inc. (“RBI”) (NYSE/TSX: QSR, TSX:
QSP) and Popeyes Louisiana Kitchen, Inc. (“Popeyes”) (NASDAQ:
PLKI) announced currently that a companies have reached an
agreement for RBI to acquire Popeyes for $79.00 per share in
cash, or $1.8 billion.

The partnership of Popeyes will supplement a successful, rarely regarded
code with clever patron faithfulness to RBI, one of a largest
tellurian discerning use grill companies with dual of a world’s
many iconic QSR brands — Burger King and Tim Hortons.

Founded in New Orleans in 1972, Popeyes has 45 years of history
and culinary tradition and is a franchisor and user of
Popeyes restaurants. Today Popeyes is one of a world’s largest
discerning use grill duck concepts with over 2,600
restaurants in a U.S. and 25 other countries around a world
and a tellurian footprint will element RBI’s existent portfolio
of over 20,000 restaurants in some-more than 100 countries and U.S.

Following a shutting of a transaction, Popeyes will continue
to be managed exclusively in a U.S., while benefitting from
a tellurian scale and resources of RBI. Building on a momentum
of new years, RBI skeleton to continue building a code during an
augmenting gait in a U.S. and general markets in the
years to come.

Daniel Schwartz, arch executive officer of RBI, said, “Popeyes
is a absolute code with a abounding Louisiana birthright that resonates
with guest around a world. With this transaction, RBI is
adding a code that has a particular position within a
constrained shred and clever U.S. and general prospects
for growth. As Popeyes becomes partial of a RBI family we believe
we can broach expansion and opportunities for all of our
stakeholders including a valued employees and franchisees. We
demeanour brazen to holding an already really clever code and
accelerating a gait of expansion and opening new restaurants in
a U.S. and around a world.”

Cheryl Bachelder, arch executive officer of Popeyes, said, “I am
unapproachable of a higher formula a Popeyes group has delivered in
new years; they have served all stakeholders well. As Popeyes
enters a 45th year, a success reflects a extraordinary brand
entrusted to us by owner Al Copeland Sr. and a singular high
trust partnership that we suffer with a authorization owners. RBI
has celebrated a success and seen a event for exceptional
destiny section expansion in a U.S. and around a world. The result
is a transaction that delivers evident and certain value to the
Popeyes shareholders.”

Structure and terms

Under a terms of a transaction, Popeyes shareholders will
accept $79.00 in money per share during closing. This represents a
reward of 27% formed on Popeyes’ 30-trading day Volume Weighted
Average Price as of Feb 10, a final trade day before
media conjecture on a intensity sale of Popeyes.

RBI will financial a transaction with money on palm and a
financing joining from J.P. Morgan and Wells Fargo.

The transaction is theme to prevalent shutting conditions,
including receipt of certain regulatory approvals and receipt of
a infancy of Popeyes shares on a entirely diluted basement in a tender
offer to Popeyes’ shareholders. Following a successful
execution of a proposal offer, RBI will acquire all remaining
shares not tendered in a proposal offer by a second-step
partnership during a same price. The transaction is approaching to tighten by
early Apr 2017.

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