Restaurant Brands NZ (RBD NZ): Take The Offer
After issuing a formal takeover notice on the 30th September, restaurant operator Restaurant Brands NZ (RBD NZ) announced an Official Offer from controlling shareholder Finaccess Restauración on the 14th October.
Finaccess is offering NZ$5.05/share in cash for shares not held. Best & final. Finaccess holds 75.02%. Accident Compensation Corporation, with 4.7%, will accept the Offer. The Offer is unconditional.
The Target Statement is now out, with an independent expert fair value of NZ$5.24-NZ$6.20. The Independent Directors believe the risks associated with remaining as a shareholder outweigh the Offer price.
Restaurant Brands NZ (RBD NZ) is illiquid. If that’s not your bag, look away now.
The Trade:
Finaccess holds 86.96%. Compulsory acquisition is (likely) imminent.
Trading tight. Unless in, I’d look elsewhere.
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