Published 25 October 2018, FinAccess offer price corrected 30 October 2018:
Restaurant Brands NZ Ltd said yesterday it had completed the sale of its Starbucks Coffee business to Tahua Capital Ltd.
Restaurant Brands, which specialises in fast-food & café retail, was also confronted with an offer last Thursday for 75% of its shares from Finaccess Capital SA de CV, which Restaurant Brands said it was working through.
That offer, at $9.45/share (originally written as $4.95/share) $4.95/share, was a non-binding indicative approach, which didn’t constitute a takeover notice pursuant to the Takeovers Code. As the price is subject to adjustment for any dividend, Restaurant Brands’ board resolved not to declare an interim dividend at the moment.
Restaurant Brands sold the fixed assets & stock of its Starbucks business to NZ-owned Tahua Capital for up to $4.4 million (subject to settlement adjustments for, among other things, the value of stock on hand at completion). Tahua’s owners, experienced in retail & multi-site hospitality businesses, established the company specifically to acquire the Starbucks NZ assets.
The bidder for 75% of Restaurant Brands, Finaccess Capital, has investments in the casual dining & quick service restaurant sector and in real estate in about 20 countries in Europe & Asia. Its current major 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.
Finaccess Capital is part of Grupo Finaccess, which holds assets in Mexico, the US, Europe & Asia and offers clients a portfolio of financial, operative & investment services.
Restaurant Brands said that, as of February [how could a board justify its existence when it presents 8-month-old details!], it had 314 stores: 94 KFC NZ, 61 KFC Australia, 36 Pizza Hut NZ, 22 Starbucks (now sold), 19 Carl’s Jr, 37 Taco Bell Hawaii & 45 Pizza Hut Hawaii stores.
Attribution: Company releases.