Burger King Owner Pays $1.8 Billion for Popeyes

Burger King Owner Pays $1.8 Billion for Popeyes

So with shares now trading just pennies below the agreed acquisition price - and unless holding until closer to the acquisition's close would result in more favorable long-term capital gains tax treatment - I think Popeyes shareholders would be wise to take their profits and put them to work elsewhere.

"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.

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Under the new ownership, the chicken chain will be "accelerating its pace of growth" with the opening of new restaurants in the United States and elsewhere, it added. Popeyes began 45 years ago as a Southern-themed "Chicken on the Run" restaurant in a New Orleans suburb.

Popeyes shareholders will get $79.00 for each share they hold, a 19.5 percent premium to the stock's Friday close. RBI has observed our success and seen the opportunity for exceptional future unit growth in the US and around the world.

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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.

"Popeyes was going to go away", Piper Jaffray analyst Nicole Miller Regan told FORBES in 2014. "It's all about growth - and that stems from Cheryl coming in and righting the ship". Not only do investors generally favor franchise-heavy models because they are less capital-intense, but the 98%-franchised figure fits well with Restaurant Brands' existing strategy: Burger King is almost 100% franchised.

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Popeyes did post revenue of $61 million for the three-month period ended December 25, compared to Wall Street's expectations of $59.9 million. Restaurant Brands (rtbrf), with $24 billion in system-wide sales and over 20,000 restaurants, will add 2,688 Popeyes (plki) restaurants to the company's portfolio with the deal. Restaurant Brands International, meanwhile, is enjoying a 6.4% gain in Tuesday trading.

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