Merger: THI and BKW Provide Transaction Update

Oakville / CA. (thi) Tim Hortons Inc. (THI) and Burger King Worldwide Inc. (BKW) confirmed that the proposed transaction (see b:eu on 2014-08-27) to create a new global quick service restaurant leader operating two iconic, independent brands has been approved by the Minister of Industry under the Investment Canada Act (ICA). In connection with this announcement, the companies are providing the following further updates regarding the transaction. Tim Hortons and Burger King Worldwide also confirmed that the transaction has previously received regulatory clearance under the Hart-Scott-Rodino Act (USA), the Competition Act (Canada) and the Canada Transportation Act. The transaction remains subject to other customary closing conditions, including, among other things, approval of the Tim Hortons shareholders and the approval and issuance of a final order of the Ontario Superior Court of Justice. With approximately 23 billion USD in system sales, over 18’000 restaurants in 98 countries and two strong, independent brands, the new company will be a global leader in the quick service restaurant sector. As part of the new company, Tim Hortons has the opportunity to accelerate its growth internationally and bring the Tim Hortons experience to a new global customer base, while maintaining the brand´s core values, employee and franchisee relationships, community support and always fresh coffee. Following closing of the transaction, each brand will continue to be managed independently and maintain its respective headquarters, while benefiting from global scale and sharing of best practices that will come with common ownership by the new company.

bakenet:eu
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