KEY POINTS:
Restaurant Brands said today it had called off discussions to sell the fast food chains company.
It said it had received a number of approaches from parties expressing interest but no firm proposal had ensued.
"The board considered these expressions of interest through a committee of independent directors comprising Ted van Arkel, Sue Suckling and David Pilkington, with assistance from its financial and legal advisers," the company said in a statement.
"While indicative proposals from a number of parties were discussed and assessed, no firm proposals were presented. Accordingly, discussions between Restaurant Brands and interested parties have been discontinued."
This is the second time in as many years that the company has failed to sell.
In 2005, private equity fund CVC Capital Partners announced a full takeover bid at $1.65 but the $160 million bid fell through.
Restaurant Brands shares closed yesterday on 91 cents against $1.60 when CVC made its bid.
Chairman Mr van Arkle said while no further dialogue was expected in the short-term, the board remained open to proposals.
The company was now focusing on finding a new chief executive following the sudden departure of Vicki Salmon in March.
The fast-food franchise operator last month reported a net loss of $3.6m in the February year.
Excluding non trading items it posted a net profit of $6.5m, down from $12.3m for the prior year.
The search for a new chief executive officer would likely be in both Australia and New Zealand and there would also be some internal candidates.
The process is expected to take two to three months, Mr van Arkle said.
- NZPA
