The board of Restaurant Brands has approved the Finaccess Capital bid to take over 75 percent of the company, with the $881.5 million bid topping the assessment of an independent advisor. The board has recommended that shareholders also vote to approve the bid, unless a better offer is made.
“Our partial takeover offer allows shareholders to realise a significant premium for some or all (subject to scaling) of their investment in Restaurant Brands, while also providing them an opportunity to continue participating in the business,” Finaccess chief executive José Parés Gutiérrez said. “We are firmly focused on creating value for all Restaurant Brands shareholders over the long-term.”
The Mexican firm has agreed to support the ongoing strategy to pursue international growth. Restaurant Brands has further expanded on these aims, announcing the build of 60 Taco Bell stores over the next five years.
“Bringing the Taco Bell brand to this part of the world aligns with our strategy of focusing on global tier one brands in markets we understand,” chief executive Russell Creedy said. “We know from our experience in Hawaii and Guam that Taco Bell is a top-tier brand backed by excellent franchise systems.”
Finaccess will retain Creedy as CEO for at least three years, and won’t delist the company for at least 12 months.