The deal is expected to close before year-end and the company to be privatized. Burger King’s shares closed at US$16.45 on Aug. 31 with the sale price representing a 46 per cent premium before rumours of the impending deal surfaced. A Burger King press release also indicated the QSR chain is permitted to solicit better offers through mid-October.
Despite the pending change, the Burger King focus won’t waiver. “We are committed to maintaining the superior guest experience [for which] the Burger King system is known for around the world as we transition ownership,” John W. Chidsey, the QSR’s chairman and CEO, said in a press release.
Chidsey will remain in his current position during the transition period before assuming the role of co-chairman of the Board, a job he will share with Alex Behring, managing partner of 3G Capital, once the deal is complete.