Restaurant Brands NZ has received a takeover offer from its majority shareholder, the Madrid-based Finaccess Restauración.
Operating such fast-food franchises as Pizza Hut, KFC, Carl's Jr. and Taco Bell, Restaurant Brands NZ has been offered a proposed takeover from parent company Finaccess Restauración.
The proposed offer price is NZD 5.05 per share, representing a premium to the company’s last traded price. Restaurant Brands’ shares last traded at NZD 2.70. It is subject to due diligence and other customary offers.
This offer has also indicated a potential shift in the ownership structure of the fast-food operator.
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.
This offer will close in 29 working days. Accident Compensation Cord, which held about 5.9 million shares, or 4.7 percent in Restaurant Brands, has already agreed to the offer.
Should Finaccess proceed to make a formal takeover offer, Restaurant Brands will issue a Target Company Statement within 10 working days after the offer is made. This will include an Independent Adviser’s Report and a formal director recommendation on the actions shareholders should take.
Shareholders should take no action in respect of Finaccess takeover proposal at this time. Any shareholder that wishes to sell their shares before receipt of a formal takeover offer is recommended to seek independent professional advice.
Shareholders should be aware that Finaccess is not legally obliged to make an offer during this period and, if it does not do so, the takeover notice will lapse.
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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