Finaccess scales deal after 91 percent acceptance rate

The Restaurant Brands takeover deal has been completed, with Mexican firm Finaccess Capital ending up with a 91 percent acceptance rate.

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 had accepted, which rose 86 percent by Thursday the 19th.

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.