BK in Talks to Buy Tim Hortons
Updated: Monday, August 25 2014, 04:12 PM CDT
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MIAMI (AP) -- Burger King is in talks to buy Tim Hortons and form a new publicly listed company that would be based in Canada.
The two fast-food companies announced Sunday that Burger King majority owner 3G Capital would continue to own the majority of the shares of the new company, with the remainder held by existing shareholders of Tim Hortons and Burger King.
The companies' statement says Miami-based Burger King Worldwide Inc. and Ontario-based Tim Hortons Inc. would continue to operate as standalone brands but would share corporate services and benefit from the best practices of each.
The new company would have 18,000 restaurants in 100 countries worldwide. The companies say that would make it the world's third-largest fast-food restaurant company.
Burger King shares were up 13% in pre-market trading Monday, reports Business Insider.
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