Mexico’s Finaccess Capital SA de CV has confirmed its $881m bid to take over 75 percent of Restaurant Brands, at $9.45 a share. The notice was given through Global Valar SL, a subsidiary of the Mexican financial company.
The news increased Restaurant Brands’ share price to $8.69, although it had reduced to $8.45 by the end of the day. The offer made by Finaccess is at a 25 percent premium.
Finaccess is no stranger to the fast food business, owning a portion of AmRest – the operators of KFC and Pizza Hut in Europe and China.
However Finaccess Capital said in its letter that it never had any intention of a full takeover bid, saying that it believed there were benefits of staying on the NZX.
"By remaining a public company, Restaurant Brands will have access to capital to fund future growth while also providing existing shareholders an opportunity to continue participating in the business over the long term," the letter wrote. It described Finaccess as "uniquely placed to help assist Restaurant Brands through its next phase of growth" and reassured shareholders that it was looking for a long-term investment.
"We are not a typical financial investor or private equity fund looking to make a short-term profit. Instead, we aim to become long-term operating partners, leveraging our significant consumer retail experience and helping talented management teams execute their growth strategies."
The Restaurant Brands board has said that the takeaway bid was not set in stone until shareholders received a letter of offer.
