Mexican company seeks 75 percent of Restaurant Brands

posted on 17th October 2018

Restaurant Brands New Zealand Ltd says it has received a NZ$9.45 per share offer for up to three-quarters of its shares from Mexico-based investment firm Finaccess Capital, S.A. de C.V. As well as the NZ$881.5 million ($577.6 million) indicative cash offer, which represents a premium of about 24.3 percent to Restaurant Brands' last closing price, Reuters reports that the two firms are also discussing a full takeover.

The Board of Restaurant Brands recommends that shareholders do not take any action in respect of the Proposal unless and until Finaccess proceeds with a formal takeover offer and shareholders receive Restaurant Brands’ Target Company Statement in response to that takeover offer (including the independent adviser’s report required under the Takeovers Code).

The Proposal does not constitute a takeover notice pursuant to the Takeovers Code. Restaurant Brands and Finaccess are in discussions to seek to agree and finalise the terms of any takeover implementation arrangements which, if agreed, could result in Finaccess issuing a takeover notice to Restaurant Brands. There is no guarantee at this stage that agreement will be reached or that Finaccess will advance the Proposal to the point where a takeover notice is issued.

Finaccess is an international company with a focus on high quality businesses with growth potential, including in the global consumer retail sector. Finaccess (along with its associated entities) has significant experience in owning and operating international branded quick service and casual dining restaurants, including holding a controlling interest in AmRest Holdings SE which operates KFC, Pizza Hut, Burger King and Starbucks branded outlets and several owned brands across Europe and China.

If Finaccess does proceed to make a takeover, the offer would be subject to various conditions, including Overseas Investment Office consent and receiving consent from certain subsidiaries of Yum! Brands Inc., the owner of the KFC, Pizza Hut and Taco Bell brands franchised to Restaurant Brands.

NZX announcement

Reuters report on NASDAQ

Offer 'out of the blue'