Investment firm Finaccess’ takeover bid for quick-service group Restaurant Brands has been declared unconditional, with the firm accumulating 61.73 per cent of shares in the business.
While the firm’s offer specifies it is seeking 75 per cent of shares in the business, it was able to declare the offer unconditional should it reach over 50 per cent.
Shares in the business spiked almost 2 per cent after the news, increasing 17 cents to $8.92 per share, though the offer is paying $9.45 per share.
Group chief executive Russel Creedy was among those who decided to sell shares, offering up his 571,601 share stake in the business – an offer worth approximately $5.4 million.
While the offer is now considered unconditional, the end date has been automatically extended to 26 March, and the Restaurant Brands board continues to recommend shareholders accept the partial takeover for their shares in the absence of a greater offer.
The QSR group declared it had increased full-year sales to $794 million last week, due to strong growth in the KFC business in Australia and New Zealand.
KFC New Zealand saw sales increase to $336.5 million, a 5.3 per cent increase over the previous period, while Australian operations saw 27.8 per cent sales growth to $178.3 million.