Restaurant Brands New Zealand is in active discussions with Finaccess Capital and its principal franchisor Yum! Brands on the proposed sale of a 75% stake in the company’s shares.
Restaurant Brands is currently evaluating its relative merits and expects to announce a final outcome before the end of this month.
Restaurant Brands received a non-binding indicative proposal from Finaccess Capital for the acquisition through a partial takeover offer at NZD9.45 ($6.37) cash per share on 18 October this year.
In a statement submitted to the ASX, the Restaurant Brands board said: “At this stage, there is still no guarantee that [an] agreement will be reached or that Finaccess will advance the proposal to the point where a takeover notice is issued.
“The board of Restaurant Brands continues to recommend that shareholders do not take any action in respect of the proposal unless and until Finaccess proceeds with a formal takeover offer and shareholders receive Restaurant Brands’ Target Company Statement in response to that takeover offer.”
Finaccess holds a controlling interest in AmRest Holdings, which operates KFC, Pizza Hut, Burger King and Starbucks branded outlets and several owned brands across Europe and China.
Restaurant Brands currently operates around 300 stores including 94 KFC New Zealand, 61 KFC Australia, 36 Pizza Hut New Zealand, 19 Carl’s Jr., 37 Taco Bell Hawaii and 45 Pizza Hut Hawaii stores.
Last month, the company completed the sale of the fixed assets and stock of its Starbucks coffee business to Tahua Capital for around $4.4m.
Restaurant Brands New Zealand currently employs more than 9,000 associates across New Zealand, Australia and Hawaii to serve 120,000 customers every day.