Restaurant Brands Says ‘No Sale’

Nz Herald:

Restaurant Brands said today it had called off discussions to sell the fast food chains company.

It said it had received a number of approaches from parties expressing interest but no firm proposal had ensued.

“The board considered these expressions of interest through a committee of independent directors comprising Ted van Arkel, Sue Suckling and David Pilkington, with assistance from its financial and legal advisers,” the company said in a statement.

“While indicative proposals from a number of parties were discussed and assessed, no firm proposals were presented. Accordingly, discussions between Restaurant Brands and interested parties have been discontinued.”

This is the second time in as many years that the company has failed to sell.

In 2005, private equity fund CVC Capital Partners announced a full takeover bid at $1.65 but the $160 million bid fell through.

Restaurant Brands shares closed yesterday on 91 cents against $1.60 when CVC made its bid.

The fast-food franchise operator last month reported a net loss of $3.6m in the February year.