Popeyes location on Yonge St. near Dundas Square, Toronto.Fred Lum/The Globe and Mail
Restaurant Brands International Inc. of Oakville, Ont., has received enough shares of Popeyes Louisiana Kitchen, Inc. to complete its $1.8-billion (U.S.) friendly takeover of the fast food chain.
The parent of Tim Hortons and Burger King says that about 83 per cent of Popeyes common stock was tendered to the offer by the deadline, which expired at 11:59 p.m. on Friday.
Popeyes currently has more than 2,600 restaurants, with 621 international locations. RBI has said it plans to accelerate Popeyes' growth in the U.S. and beyond, using an approach used by Burger King.
RBI announced Feb. 21 that it would pay $79 per Popeyes share, sending up the chicken chain's stock about 19 per cent that day. Popeyes stock closed Friday at $78.98.
RBI's stock closed Friday at $73.06 (Canadian) on the Toronto Stock Exchange, up from $70.67 prior to the takeover announcement.
The iconic Tim Hortons chain of coffee stores has a long history in Canada, growing from a single store in Hamilton. But now thought its growth and a series of mergers, its one pillar of a huge empire of brands that will now include Popeyes.