Tim Hortons’ parent company buying Popeyes chain
Posted February 21, 2017 6:36 am.
This article is more than 5 years old.
OAKVILLE, ON. (NEWS 1130) – The parent company of Tim Hortons and Burger King says it will pay US$1.8 billion cash to buy the Popeyes chain of chicken restaurants in a so-called friendly deal.
Restaurant Brands International is offering US$78.70 for each share of Popeyes, a 19.5 per cent premium to the stock’s close on Friday.
The proposed takeover requires various approvals and sufficient shareholder support but Restaurant Brands International expects the deal to close by early April. Restaurant Brands was formed three years ago when 3G Capital-backed Burger King bought Tim Hortons Inc. for $11 billion.
Restaurant Brands International has more than 20,000 restaurants in more than 100 countries. Popeyes would add 2,600 restaurants in the United States and other countries including Canada.
“Popeyes is a powerful brand with a rich Louisiana heritage that resonates with guests around the world,” says Daniel Schwartz, RBI’s chief executive officer. “We look forward to taking an already very strong brand and accelerating its pace of growth and opening new restaurants in the US and around the world.”
The restaurant is best known for its Louisiana-style fried chicken and buttermilk biscuits.
