Finaccess Capital's $881.5 million bid for three-quarters of Restaurant Brands New Zealand has the backing of the Kiwi firm's board, with the per-share price topping the independent adviser's assessment.
Restaurant Brands' independent directors have elected to accept the $9.45 per share offer and the board unanimously recommends shareholders do likewise, unless a better offer emerges. Director Stephen Copulos has already agreed to sell his 8.6 per cent stake to the Mexican firm.
Finaccess has offered to buy up to 75 per cent of the fast food operator at a 24 per cent premium to the $7.60 price before the bid. The offer also trumps the $8.15-$8.92 range adviser Grant Samuel calculated. The Mexican firm lodged its offer document yesterday, which closes on March 12, 2019, and acceptances above 75 per cent may be scaled depending on the uptake.
"Our partial takeover offer allows shareholders to realise a significant premium for some or all (subject to scaling) of their investment in Restaurant Brands, while also providing them an opportunity to continue participating in the business," Finaccess chief executive José Parés Gutiérrez said. "We are firmly focused on creating value for all Restaurant Brands shareholders over the long-term."
The Grant Samuel report valued Restaurant Brands at between $1.02 billion and $1.11 billion, including a premium for 100 per cent control. It noted that because the deal is a partial takeover, shareholders can only be certain of selling 75 per cent of their shares.
