Longer wait for Restaurant Brands' payout

The offer period for Restaurant Brands - owner of the KFC franchise in New Zealand - has been extended. Photo/Bevan Conley.

Restaurant Brands shareholders who sold shares into the offer by Mexican investor Finaccess for 75 per cent of the company have a longer wait to be paid after the offer period was extended at the last minute.

The $9.45 a share offer was due to close on March 12 but will now stay open to March 26 after securing more than 50 percent of the fast-food operator's shares.

Investors are typically paid out five days after an offer closes and the extension will mean a longer wait to get hold of the money.

One market source said that would be a disappointment for some who had expected the money and had already made commitments for it.

It's questionable whether Finaccess needed to make the extension.

While acceptances had only reached 61.75 per cent by 9am on March 12 the company had previously said it was happy to take less than the 75 per cent.

Just a day later and acceptances rose to 73 per cent and yesterday hit 86 per cent - well in excess of the target and a result which will now require scaling.

It seems Restaurant Brands shareholders didn't take up the offer until late in the piece, with 41 per cent formally behind it at the end of last week and only 28 per cent the week before that.

The Finaccess offer values Restaurant Brands at $1.18 billion and was a 24 percent premium to the $7.60 share price the company was trading at before the bid emerged.

Restaurant Brands shares closed at a record high of $9 on Wednesday.