Fast food operator Restaurant Brands' shareholders have been advised to accept the takeover offer for NZD 5.05 per share.
Restaurant Brands New Zealand Limited, the fast food powerhouse that owns and operates quick-service restaurants under brands like KFC and Pizza Hut, has announced that its Independent Directors have recommended that shareholders accept the takeover offer from Finaccess Restauración, S.L. The offer is for NZD 5.05 per share.
While the offer price is below the Independent Adviser’s assessed value range of NZD 5.24 to NZD 6.20 per share, the Independent Directors believe the risks associated with remaining a shareholder outweigh the offer price. These risks include ongoing exposure to business execution risks and declining liquidity in the market for shares. According to the company announcement, as of October 23, 2025, Finaccess has received acceptances that will result in it increasing its shareholding to 86.96 percent.
The offer represents a significant premium to recent trading prices, with a 70.6 percent premium to the NZX closing price on 29 September 2025, and a 79.6 percent premium to the one-month volume-weighted average price before that date. Stephen Ward, Chair of the Committee of Independent Directors, stated that this has been a very carefully considered recommendation, weighing the potential value of Restaurant Brands against the risks and uncertainties facing minority shareholders.
Shareholders are encouraged to carefully read the Target Company Statement and Independent Adviser’s Report, and seek independent advice before deciding whether to accept the offer. The offer remains open for acceptance until 11.59 pm NZT on 25 November 2025, unless extended in accordance with the Takeovers Code.
Restaurant Brands has 516 stores located across New Zealand, Australia, California, Hawaii and Saipan and Guam. In total, there are 155 outlets throughout New Zealand.
Finaccess said the offer price was the final and best price it was willing to pay.
"We will not increase the consideration payable under the offer," Finaccess said in a report to the market.
"We will not then make a subsequent takeover offer under the Takeovers Code for the ordinary shares in the Restaurant Brands within 24 months from the date of this letter."
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