DUBLIN, OHIO — The board of directors of fast-food chain Wendy’s International Inc. has approved a plan to distribute the company’s remaining stake in iconic doughnut shop Tim Hortons Inc. to shareholders by the end of September.
Under the plan, Wendy’s shareholders of record on Sept. 15 will receive approximately 1.3593 shares of Tim Hortons common stock for every share of Wendy’s they hold as a special dividend on Sept. 29.
Fractional shares will not be distributed but rather sold, with the cash proceeds distributed on a pro rata basis to the shareholders who would have otherwise received fractional shares.
Wendy’s has an 82.75-per-cent stake in Tim Hortons, or nearly 160 million shares of the company.
The doughnut shop chain was bought by Wendy’s in 1995. It spun off Tim Hortons as a separate company earlier this year.
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