Mexican investor Finaccess Capital SA de CV, through its subsidiary Global Valar SL, lifted its stake in NZX-listed Restaurant Brands NZ Ltd to 61.7% on Tuesday and declared its partial takeover offer unconditional.
Finaccess said when it made the offer in December it was seeking up to 75% of Restaurant Brands.
Under the Takeovers Code, the closing date for the partial takeover was automatically extended a fortnight, to Tuesday 26 March.
Restaurant Brands’ board continues to unanimously recommend the offer, in the absence of an unmatched superior proposal.
Restaurant Brands is a corporate franchisee specialising in managing multi-site branded food retail chains. It had sales of $740 million in its last 12 months, and 314 outlets as of February – 94 KFC NZ, 61 KFC Australia, 36 Pizza Hut NZ, 22 Starbucks (which Restaurant Brands sold on 23 October 2018), 19 Carl’s Jr, 37 Taco Bell Hawaii & 45 Pizza Hut Hawaii.
Finaccess Capital is part of Grupo Finaccess, which holds assets in Mexico, the US, Europe & Asia, offering clients a portfolio of financial, operative & investment services.
Finaccess Capital’s other investments in public companies include a controlling interest in European casual dining & quick service restaurant operator AmRest, and a minority interest in Spanish real estate business Inmobiliaria Colonial.
Link: Grupo Finaccess
Propbd on Q M11March19 – Restaurant Brands, Arvida
13 December 2018: Restaurant Brands announces Taco Bell rollout as Mexican takeover documents posted
Attribution: Company releases.