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Welcome to Fairfax Underground, a project site designed to improve communication among residents of Fairfax County, VA. Feel free to post anything Northern Virginia residents would find interesting.
The owner of Burger King is buying Popeyes & FairfaxUnderground for $1.8 billion
Posted by:
Fox News
()
Date: February 21, 2017 11:59AM
http://www.businessinsider.com/burger-king-owner-restaurant-brands-to-buy-popeyes-2017-2
The owner of Burger King and Tim Hortons, Restaurant Brands International, is buying Popeyes Louisiana Kitchen for $79 per share, or $1.8 billion.
"Popeyes is a powerful brand with a rich Louisiana heritage that resonates with guests around the world," Restaurant Brands International CEO Daniel Schwartz said in a statement. "With this transaction, RBI is adding a brand that has a distinctive position within a compelling segment and strong US and international prospects for growth."
The offer price represents a 27% premium. The deal will be financed with cash and a loan from JPMorgan and Wells Fargo.
Restaurant Brands International is a Canadian multinational that was formed when Burger King merged with Tim Hortons in 2014.
It is majority-owned by the Brazilian private-equity firm 3G Capital, led by the billionaire Jorge Paulo Lemann. The firm is also heavily invested in Kraft Heinz, which last week attempted to merge with Unilever.
Here's the full press release:
OAKVILLE, ON, and ATLANTA, GA, Feb. 21, 2017 /PRNewswire/ — Restaurant Brands International Inc. ("RBI") (NYSE/TSX: QSR, TSX: QSP) and Popeyes Louisiana Kitchen, Inc. ("Popeyes") (NASDAQ: PLKI) announced today that the companies have reached an agreement for RBI to acquire Popeyes for $79.00 per share in cash, or $1.8 billion.
The acquisition of Popeyes will add a successful, highly regarded brand with strong customer loyalty to RBI, one of the largest global quick service restaurant companies with two of the world's most iconic QSR brands — Burger King and Tim Hortons.
Founded in New Orleans in 1972, Popeyes has 45 years of history and culinary tradition and is the franchisor and operator of Popeyes restaurants. Today Popeyes is one of the world's largest quick service restaurant chicken concepts with over 2,600 restaurants in the U.S. and 25 other countries around the world and its global footprint will complement RBI's existing portfolio of over 20,000 restaurants in more than 100 countries and U.S. territories.
Following the closing of the transaction, Popeyes will continue to be managed independently in the U.S., while benefitting from the global scale and resources of RBI. Building on the momentum of recent years, RBI plans to continue developing the brand at an increasing pace in the U.S. and international markets in the years to come.
Daniel Schwartz, chief executive officer of RBI, said, "Popeyes is a powerful brand with a rich Louisiana heritage that resonates with guests around the world. With this transaction, RBI is adding a brand that has a distinctive position within a compelling segment and strong U.S. and international prospects for growth. As Popeyes becomes part of the RBI family we believe we can deliver growth and opportunities for all of our stakeholders including our valued employees and franchisees. We look forward to taking an already very strong brand and accelerating its pace of growth and opening new restaurants in the U.S. and around the world."
Cheryl Bachelder, chief executive officer of Popeyes, said, "I am proud of the superior results the Popeyes team has delivered in recent years; they have served all stakeholders well. As Popeyes enters its 45th year, its success reflects the amazing brand entrusted to us by founder Al Copeland Sr. and the unique high trust partnership that we enjoy with our franchise owners. RBI has observed our success and seen the opportunity for exceptional future unit growth in the U.S. and around the world. The result is a transaction that delivers immediate and certain value to the Popeyes shareholders."
Structure and terms
Under the terms of the transaction, Popeyes shareholders will receive $79.00 in cash per share at closing. This represents a premium of 27% based on Popeyes' 30-trading day Volume Weighted Average Price as of February 10, the last trading day before media speculation on the potential sale of Popeyes.
RBI will finance the transaction with cash on hand and a financing commitment from J.P. Morgan and Wells Fargo.
The transaction is subject to customary closing conditions, including receipt of certain regulatory approvals and receipt of a majority of Popeyes shares on a fully diluted basis in a tender offer to Popeyes' shareholders. Following the successful completion of the tender offer, RBI will acquire all remaining shares not tendered in the tender offer through a second-step merger at the same price. The transaction is expected to close by early April 2017.
The owner of Burger King and Tim Hortons, Restaurant Brands International, is buying Popeyes Louisiana Kitchen for $79 per share, or $1.8 billion.
"Popeyes is a powerful brand with a rich Louisiana heritage that resonates with guests around the world," Restaurant Brands International CEO Daniel Schwartz said in a statement. "With this transaction, RBI is adding a brand that has a distinctive position within a compelling segment and strong US and international prospects for growth."
The offer price represents a 27% premium. The deal will be financed with cash and a loan from JPMorgan and Wells Fargo.
Restaurant Brands International is a Canadian multinational that was formed when Burger King merged with Tim Hortons in 2014.
It is majority-owned by the Brazilian private-equity firm 3G Capital, led by the billionaire Jorge Paulo Lemann. The firm is also heavily invested in Kraft Heinz, which last week attempted to merge with Unilever.
Here's the full press release:
OAKVILLE, ON, and ATLANTA, GA, Feb. 21, 2017 /PRNewswire/ — Restaurant Brands International Inc. ("RBI") (NYSE/TSX: QSR, TSX: QSP) and Popeyes Louisiana Kitchen, Inc. ("Popeyes") (NASDAQ: PLKI) announced today that the companies have reached an agreement for RBI to acquire Popeyes for $79.00 per share in cash, or $1.8 billion.
The acquisition of Popeyes will add a successful, highly regarded brand with strong customer loyalty to RBI, one of the largest global quick service restaurant companies with two of the world's most iconic QSR brands — Burger King and Tim Hortons.
Founded in New Orleans in 1972, Popeyes has 45 years of history and culinary tradition and is the franchisor and operator of Popeyes restaurants. Today Popeyes is one of the world's largest quick service restaurant chicken concepts with over 2,600 restaurants in the U.S. and 25 other countries around the world and its global footprint will complement RBI's existing portfolio of over 20,000 restaurants in more than 100 countries and U.S. territories.
Following the closing of the transaction, Popeyes will continue to be managed independently in the U.S., while benefitting from the global scale and resources of RBI. Building on the momentum of recent years, RBI plans to continue developing the brand at an increasing pace in the U.S. and international markets in the years to come.
Daniel Schwartz, chief executive officer of RBI, said, "Popeyes is a powerful brand with a rich Louisiana heritage that resonates with guests around the world. With this transaction, RBI is adding a brand that has a distinctive position within a compelling segment and strong U.S. and international prospects for growth. As Popeyes becomes part of the RBI family we believe we can deliver growth and opportunities for all of our stakeholders including our valued employees and franchisees. We look forward to taking an already very strong brand and accelerating its pace of growth and opening new restaurants in the U.S. and around the world."
Cheryl Bachelder, chief executive officer of Popeyes, said, "I am proud of the superior results the Popeyes team has delivered in recent years; they have served all stakeholders well. As Popeyes enters its 45th year, its success reflects the amazing brand entrusted to us by founder Al Copeland Sr. and the unique high trust partnership that we enjoy with our franchise owners. RBI has observed our success and seen the opportunity for exceptional future unit growth in the U.S. and around the world. The result is a transaction that delivers immediate and certain value to the Popeyes shareholders."
Structure and terms
Under the terms of the transaction, Popeyes shareholders will receive $79.00 in cash per share at closing. This represents a premium of 27% based on Popeyes' 30-trading day Volume Weighted Average Price as of February 10, the last trading day before media speculation on the potential sale of Popeyes.
RBI will finance the transaction with cash on hand and a financing commitment from J.P. Morgan and Wells Fargo.
The transaction is subject to customary closing conditions, including receipt of certain regulatory approvals and receipt of a majority of Popeyes shares on a fully diluted basis in a tender offer to Popeyes' shareholders. Following the successful completion of the tender offer, RBI will acquire all remaining shares not tendered in the tender offer through a second-step merger at the same price. The transaction is expected to close by early April 2017.
Re: The owner of Burger King is buying Popeyes & FairfaxUnderground for $1.8 billion
Posted by:
Popeyes
()
Date: February 21, 2017 09:14PM
This is probably a bad thing for Popeyes because Burger King is complete shit nowadays. Unedible. They'll probably ruin Popeyes by trying to cheapen it.
BTW, I remember hearing a story that the original owner of Popeyes lost it in a card game.
BTW, I remember hearing a story that the original owner of Popeyes lost it in a card game.
Re: The owner of Burger King is buying Popeyes & FairfaxUnderground for $1.8 billion
Posted by:
mWyVn
()
Date: February 21, 2017 09:25PM
Oh hell, popeyes was the last chance we had for a great mouthful of chicken.
Burger King a few years ago was found to be using horse meat from foreign suppliers (Ireland and Eastern Europe) in its burgers.
They recently made another change to their food. The fries are no longer edible, they are dry and the fat they use to cook them makes them taste like plastic. Often they aren't nice and crispy now either. And now their soft drinks fhave a taste of some sort of chemical.
I am running out of good and cheap places to grab a decent burger and fries. 5 Guys is great but a $12.00 burger is out of my range nowadays, maybe once a month for a treat.
Burger King a few years ago was found to be using horse meat from foreign suppliers (Ireland and Eastern Europe) in its burgers.
They recently made another change to their food. The fries are no longer edible, they are dry and the fat they use to cook them makes them taste like plastic. Often they aren't nice and crispy now either. And now their soft drinks fhave a taste of some sort of chemical.
I am running out of good and cheap places to grab a decent burger and fries. 5 Guys is great but a $12.00 burger is out of my range nowadays, maybe once a month for a treat.
Re: The owner of Burger King is buying Popeyes & FairfaxUnderground for $1.8 billion
Posted by:
Gerrymanderer2
()
Date: February 21, 2017 09:28PM
Burger King moved to Canada to evade taxes and because Republicans promote tax evasion.
Re: The owner of Burger King is buying Popeyes & FairfaxUnderground for $1.8 billion
Posted by:
BK is in Miami, dumfuq
()
Date: February 21, 2017 09:36PM
The butthurt...
Re: The owner of Burger King is buying Popeyes & FairfaxUnderground for $1.8 billion
Posted by:
Gerrymanderer2
()
Date: February 21, 2017 09:48PM
BK is in Miami, dumfuq Wrote:
-------------------------------------------------------
> The butthurt...
https://panampost.com/panam-staff/2014/08/26/burger-king-to-buy-tim-hortons-move-headquarters-to-canada/
You low information fuck face.
-------------------------------------------------------
> The butthurt...
https://panampost.com/panam-staff/2014/08/26/burger-king-to-buy-tim-hortons-move-headquarters-to-canada/
You low information fuck face.
Re: The owner of Burger King is buying Popeyes & FairfaxUnderground for $1.8 billion
Posted by:
Haven't yet. U can't read...
()
Date: February 21, 2017 09:59PM
A fucking calendar?
Re: The owner of Burger King is buying Popeyes & FairfaxUnderground for $1.8 billion
Posted by:
Hey ass, bk hq is still in
()
Date: February 21, 2017 10:01PM
Fl.
Re: The owner of Burger King is buying Popeyes & FairfaxUnderground for $1.8 billion
Posted by:
Gerrymanderer2
()
Date: February 21, 2017 10:02PM
That's an old article you dumb bitch. God forsaken dumb motherfuckers. Burger King is gone to Canada you fag face fuck face.
Re: The owner of Burger King is buying Popeyes & FairfaxUnderground for $1.8 billion
Posted by:
You can see it from
()
Date: February 21, 2017 10:03PM
the airport. Nice building and all.
Re: The owner of Burger King is buying Popeyes & FairfaxUnderground for $1.8 billion
Posted by:
Gerrymanderer2
()
Date: February 21, 2017 10:04PM
http://aa.com.tr/en/americas/canadian-burger-king-owner-to-buy-popeyes-for-18b/755474
Here that is a recent article. They have to get Canadian permission now for a Popeye's acquisition as well.
Here that is a recent article. They have to get Canadian permission now for a Popeye's acquisition as well.
Re: The owner of Burger King is buying Popeyes & FairfaxUnderground for $1.8 billion
Posted by:
Gerrymanderer2
()
Date: February 21, 2017 10:05PM
Burger King merged with Tom Horton and moved it's headquarters to Canada. The U.S. based Burger King offices in Miami are not the parent headquarters.
Re: The owner of Burger King is buying Popeyes & FairfaxUnderground for $1.8 billion
Posted by:
Gerrymanderer2
()
Date: February 21, 2017 10:06PM
Burger King was the fucking boss in the merger, they did so to evade taxes in the U.S.
Re: The owner of Burger King is buying Popeyes & FairfaxUnderground for $1.8 billion
Posted by:
BK's hq didn't move.
()
Date: February 21, 2017 10:09PM
Why so butthurt?