Burger King buying Tim Hortons for about $11B; new co. to be based in Canada
MIAMI - Burger King is buying Canadian coffee-and-doughnut chain Tim Hortons Inc. for about $11 billion, creating the world's third-largest fast-food company.
The corporate headquarters of the new company will be in Canada, a move that may help Burger King lower its taxes. Burger King will still run its business out of Miami.
Burger King Worldwide Inc. will pay $65.50 Canadian ($59.74) in cash and 0.8025 common shares of the new company for each Tim Hortons share. This represents total value per Tim Hortons share of $94.05 Canadian (US$85.79), based on Burger King's Monday closing stock price. Alternatively, Tim Hortons shareholders may choose either all-cash or all stock in the new company.
Tim Hortons stock rose more than 10 per cent in Tuesday premarket trading. Burger King's shares fell slightly.
Read more Business News
- Mt. Baldy may open this yr.Penticton / S. Okanagan - 3:47 pm
- Snow on 97CBC - 3:30 pm
- Ex premier has Alzheimer'sWest Kelowna - 12:09 pm
- Foul play ruled out in deathVernon / N. Okanagan - 1:24 pm
|QHR Technologies Inc||1.26||+0.03|
|Anavex Life Sciences||0.184||-0.001|
|Copper Mountain Mining||2.42||-0.10|
|Sunrise Resources Ltd||0.065||+0.045|
|Mission Ready Services||0.32||-0.02|
Part 2 of 2 to read Part 1, click here. 5. Dial down your vacations. New York is out. Maybe Buffalo. For West coast, maybe Seattle instead of Hawaii. Use sites like Airbnb (aribnb.ca) to find ch...
Niche food producer “Sweets from the Earth” thrives using innovation, uniqueness and an unwavering focus on quality. A neighbour’s stew turned Ilana Kadonoff off meat at the age of s...
Recently I had the privilege of working alongside André Voskuil, a local guru in the world of Alternative Financing. André has quite the reputation in the world of direct investments as ...