The Overseas Investment Office has given approval for Mexican firm Finaccess Capital to purchase 75 percent of Restaurant Brands, with the firm’s CEO praising the openness of the OIO process. The news is key in the takeover bid, which is expected to close on March 9.
“The level of response from the OIO has been very professional and the experience so far has been very good,” said Finaccess CEO José Parés Gutiérrez. “In other countries, it's more like going into a black box in which you drop your application and you don't get any feedback. Here they have been very courteous and keep you in the loop. So my opinion is very positive about the job they are doing.”
The bid was valued at $881.5 million which, at $9.45 a share, was well above an independent advisor’s valuation of the company. Finaccess will take over 75 percent of the company and leave the rest publicly listed.
“We believe the 75 per cent allows us to get control of the company, we are not shy about that, but it also allows the existing shareholders to continue to be part of the growth story,” Parés said in a recent interview.
The firm has said that it does not plan to raise new equity in the short-term, but isn’t ruling it out should there be an acquisition that isn’t covered by current cashflow. Parés also said that there was no intention of the company taking over 100 percent ownership.