New Restaurant Brands owner Finaccess Capital will scale its takeover offer after 86 percent of investors accepted the offer.
Under the Takeovers Code, Finaccess was allowed to extend the offer for ten working days. It reached 61.75 percent by March 12, the initial deadline, enough to give the company a controlling stake but still below the 75 percent the firm had been targeting. Following the extension, 73 percent of shareholders and 86 percent by Thursday.
As a result, shareholders who sold their shares will have to wait two more weeks than expected in order to claim their money. One market commentator said that this was an unexpected downside, as people would have planned to receive money and may have had it earmarked for a purpose.