Shareholders left their run late, but Mexican firm Finaccess Capital has finally secured control of Restaurant Brands NZ with 61.7 percent of shareholders accepting the deal on the day it expired. It originally appeared unlikely that the deal would go ahead, with Finaccess only having a 41 percent acceptance rate at the end of last week and only 28 percent at the end of the week before.
Finaccess had originally targeted 75 percent of the deal but was able to declare the offer unconditional once acceptance went over 50 percent. Under the code which governs takeovers in New Zealand, a deal with a minimum acceptance offer can be extended for up to ten days if that deal is secured. If more than 75 percent of shareholders decide to sell, they will be scaled.
Restaurant Brands shareholders were paid out $9.45 per share, which last traded at $8.75. Director Stephen Copulos agreed to sell up when the deal was first announced, with the other independent advisors agreeing to sell when an independent advisor valued the company at $1.02-1.11 billion – less than the value of the Finaccess offer. CEO Russell Creedy and CFO Grant Ellis also elected to sell.
“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 in December last year. “We are firmly focused on creating value for all Restaurant Brands shareholders over the long-term.”
Finaccess has said it will not de-list the company within 12 months. If it does, it has said that it will not offer a lower price, subject to stock market movements.