Tim Hortons Shareholders Approve Sale of Company to Burger King
Posted on December 9, 2014
Tim Hortons shareholders have approved the sale of the doughnut and coffee chain to Burger King. Daniel Schwartz, the current CEO of Burger King Worldwide will be the CEO of the combined company. The combined entity is going to be named Restaurant Brands International.Tim Hortons said in a press release that the merger was approved by 99.2% of votes cast by THI shareholders. The new company will have the trading symbol QSR.
Marc Caira, President and CEO of Tim Hortons, said in a statement, "Restaurant Brands International builds on the rich heritages of our two companies and signifies the exciting opportunities for international expansion this transaction will create. As part of Restaurant Brands International, Tim Hortons will remain an independent, iconic Canadian brand, but with significant opportunities to accelerate our brand development around the world."
Reuters is reporting that Caira will get a $1 million bonus following the takeover deal. The name Restaurant Brands seems to suggest that future acquisitions could be in store.