- Burger King Worldwide (BKW) and Tim Hortons (THI) announce plans to merge to create a restaurant giant with over $23B in annual sales.
- Under the terms of the deal, Tim Hortons shareholders will receive C$65.50 per share in cash and 0.8025 shares in the new company per THI share.
- The combined company will run Burger King and Tim Hortons as separate brands.
- 3G Capital will own close to 51% of the new company.
- BKW -1.0% premarket, THI +9.1% to $81.50.