Warren Buffett is extending financing to Burger King Worldwide Inc (NYSE:BKW) for its takeover of Canadian coffee-and-doughnut chain Tim Hortons Inc. (NYSE:THI) (TSE:THI), the Wall Street Journal reports citing knowledgeable sources.
Burger King's acquisition of Tim Hortons was announced on Tuesday, August 26th. The combined company will enjoy around $23 billion in total sales, with more than 18,000 restaurants in 100 countries. The new firm will be based in Canada, the largest market of the combined company.
The deal was unanimously approved by the Board of Directors of both companies. Tim Hortons shareholders will receive C$65.50 in cash and 0.8025 common shares of the new company per Tim Hortons share. Given Burger King’s closing stock price as of August 22,...
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