Burger King
Burger King Agrees to $4 Billion Bid From 3G Capital
Burger King Holdings Inc. agreed to be acquired by 3G Capital in a deal valued at $4 billion including debt, giving the New York investment firm control over the second-largest U.S. hamburger chain.
The $24-a-share price is 46 percent more than Burger King’s $16.45 close on Aug. 31, before reports of a deal surfaced. Under the terms of the agreement, Burger King can solicit superior bids until Oct. 12, according to a statement today.
The chain’s sales growth has slowed for two straight years as consumers ate out less to deal with the U.S. economic slump. Burger King, which trails only McDonald’s Corp. in the U.S., has seen a slower recovery than its larger rival as its clientele suffered more from the recession, said Tom Forte, an analyst at New York-based Telsey Advisory Group.
The $24-a-share price is 46 percent more than Burger King’s $16.45 close on Aug. 31, before reports of a deal surfaced. Under the terms of the agreement, Burger King can solicit superior bids until Oct. 12, according to a statement today.
The chain’s sales growth has slowed for two straight years as consumers ate out less to deal with the U.S. economic slump. Burger King, which trails only McDonald’s Corp. in the U.S., has seen a slower recovery than its larger rival as its clientele suffered more from the recession, said Tom Forte, an analyst at New York-based Telsey Advisory Group.
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