New Zealand operator of KFC, Pizza Hut sees shares soar on $553m takeover offer
Make us a preferred source
Make us a preferred source on Google
The news: KFC and Pizza Hut operator Restaurant Brands News Zealand has seen its shares surge after announcing it had received a takeover notice from Mexican investment group Finaccess, which already owns 75% of the shares.
The numbers: At 1:24pm AEST, shares in Restaurant Brands traded on the ASX had surged 59.3% to $4.30 following the news.
Finaccess has proposed to buy the remaining shares it does not own in the restaurant for NZD5.05 ($4.44) each. This implies a total equity value of NZD630 million, based on the number of Restaurant Brands shares on issue.
On the New Zealand stock exchange, shares had lifted about 65.2% to NZD4.89.
The context: Finaccess Capital previously made a partial takeover bid for Restaurant Brands in 2019, securing a 75% interest in the business.
The latest takeover notice, made through Finaccess Restauración, received by Restaurant Brands is not a formal takeover offer, which must now be issued within the period between 10 and 20 working days from today.
However, it is not legally obliged to make an offer and the takeover notice will lapse if not acted on.
If a formal offer is received, Restaurant Brands will issue a target company statement within 10 working days of the offer, including an independent adviser’s report and recommendation from the board of directors.
