{"id":398499,"date":"2020-12-11T17:16:34","date_gmt":"2020-12-11T22:16:34","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=398499"},"modified":"2020-12-11T17:16:34","modified_gmt":"2020-12-11T22:16:34","slug":"rbi-recommends-shareholders-reject-trc-capitals-mini-tender-offer","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/rbi-recommends-shareholders-reject-trc-capitals-mini-tender-offer\/","title":{"rendered":"RBI recommends shareholders reject TRC Capital’s “mini-tender offer”"},"content":{"rendered":"
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PR Newswire<\/p>\n<\/p><\/div>\n

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\n TORONTO<\/span>, Dec. 11, 2020<\/span> \/PRNewswire\/ – Restaurant Brands International, Inc. (TSX: QSR) (NYSE: QSR)\u00a0(TSX: QSP) (“RBI”)\u00a0has been notified of an unsolicited mini-tender offer made by TRC Capital Corporation to purchase up to 2 million RBI common shares, or approximately 0.66% of the company’s outstanding common shares, at a price of\u00a0Cdn$73.75\u00a0per share. RBI does not endorse this unsolicited offer, has no association with TRC Capital or its offer, and recommends that shareholders do not tender their shares to the offer.<\/p>\n

RBI cautions shareholders that the mini-tender offer has been made at a price below market price for RBI shares. The offer represents a discount of 4.5% on the TSX closing price and 4.3% on the NYSE closing price for RBI common shares on\u00a0November 18, 2020, the last trading day before the mini-tender offer was commenced.<\/p>\n

According to TRC Capital’s offer documents, RBI shareholders who have already tendered their shares can withdraw their shares at any time before\u00a012:01 am eastern time\u00a0on\u00a0December 18, 2020\u00a0by following the procedures described in the offer documents.<\/p>\n

Mini-tender offers are designed to seek less than 5% of a company’s outstanding shares, avoiding disclosure and procedural requirements applicable to most bids under Canadian and U.S. securities regulations. The Canadian Securities Administrators (CSA) and the U.S. Securities and Exchange Commission (SEC) have expressed serious concerns about mini-tender offers, including the possibility that investors might tender to such offers without understanding the offer price relative to the actual market price of their securities.<\/p>\n

The SEC states that “bidders make mini-tender offers at below-market prices, hoping that they will catch investors off guard if the investors do not compare the offer price to the current market price.”<\/p>\n

RBI strongly encourages brokers, dealers and other market participants to exercise caution and review the letter regarding broker-dealer mini-tender offer dissemination and disclosures on the SEC website at\u00a0www.sec.gov\/divisions\/marketreg\/minitenders\/sia072401.htm<\/a><\/p>\n

RBI requests that a copy of this news release be included in any distribution of materials relating to TRC Capital’s mini-tender offer for RBI shares.<\/p>\n

Comments from the CSA on mini-tenders can be found on the Ontario Securities Commission (OSC) website at\u00a0www.osc.gov.on.ca\/en\/SecuritiesLaw_csa_19991210_61-301.jsp<\/a><\/p>\n

Information about mini-tender offers can be found on the SEC website at\u00a0www.sec.gov\/investor\/pubs\/minitend.htm<\/a>.<\/p>\n

TRC Capital has made similar unsolicited mini-tender offers for shares of other public companies in\u00a0Canada\u00a0and elsewhere.<\/p>\n

\n About Restaurant Brands International Inc.<\/b>\n <\/p>\n

Restaurant Brands International Inc. is one of the world’s largest quick service restaurant companies with approximately $31 billion<\/span> in annual system-wide sales and over 27,000 restaurants in more than 100 countries and U.S. territories. RBI owns three of the world’s most prominent and iconic quick service restaurant brands – TIM HORTONS\u00ae, BURGER KING\u00ae, and POPEYES\u00ae. These independently operated brands have been serving their respective guests, franchisees and communities for over 45 years.<\/p>\n

\n \"Cision\" View original content:http:\/\/www.prnewswire.com\/news-releases\/rbi-recommends-shareholders-reject-trc-capitals-mini-tender-offer-301191475.html<\/a><\/p>\n

SOURCE Restaurant Brands International Inc.<\/p>\n<\/p><\/div>\n

\"\"<\/p>\n","protected":false},"excerpt":{"rendered":"

PR Newswire TORONTO, Dec. 11, 2020 \/PRNewswire\/ – Restaurant Brands International, Inc. (TSX: QSR) (NYSE: QSR)\u00a0(TSX: QSP) (“RBI”)\u00a0has been notified of an unsolicited mini-tender offer made by TRC Capital Corporation to purchase up to 2 million RBI common shares, or approximately 0.66% of the company’s outstanding common shares, at a price of\u00a0Cdn$73.75\u00a0per share. RBI does not endorse this unsolicited offer, has no association with TRC Capital or its offer, and recommends that shareholders do not tender their shares to the offer. RBI cautions shareholders that the mini-tender offer has been made at a price below market price for RBI shares. The offer represents a discount of 4.5% on the TSX closing price and 4.3% on the NYSE closing price for … <\/p>\n

Continue reading “RBI recommends shareholders reject TRC Capital’s “mini-tender offer””<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-398499","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nRBI recommends shareholders reject TRC Capital's "mini-tender offer" - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/rbi-recommends-shareholders-reject-trc-capitals-mini-tender-offer\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"RBI recommends shareholders reject TRC Capital's "mini-tender offer" - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire TORONTO, Dec. 11, 2020 \/PRNewswire\/ – Restaurant Brands International, Inc. (TSX: QSR) (NYSE: QSR)\u00a0(TSX: QSP) (“RBI”)\u00a0has been notified of an unsolicited mini-tender offer made by TRC Capital Corporation to purchase up to 2 million RBI common shares, or approximately 0.66% of the company’s outstanding common shares, at a price of\u00a0Cdn$73.75\u00a0per share. RBI does not endorse this unsolicited offer, has no association with TRC Capital or its offer, and recommends that shareholders do not tender their shares to the offer. RBI cautions shareholders that the mini-tender offer has been made at a price below market price for RBI shares. 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