Tim Hortons, Burger King Provide Transaction Update, Set Election Deadlines

(RTTNews) - Tim Hortons Inc. (THI, THI.TO) and Burger King Worldwide Inc. (BKW) confirmed that the proposed transaction to create a new global quick service restaurant leader operating two iconic, independent brands has been approved by the Minister of Industry under the Investment Canada Act or ICA.

The companies have set the deadline for registered shareholders of Tim Hortons or Burger King Worldwide to make an election with respect to the form of consideration they wish to receive, subject to pro-ration, as of December 9, 2014, which is based on the current expectation that the transaction will be completed on December 12, 2014.

Tim Hortons and Burger King Worldwide also confirmed that the transaction has previously received regulatory clearance under the Hart-Scott-Rodino Act (USA), the Competition Act (Canada) and the Canada Transportation Act. The transaction remains subject to other customary closing conditions, including, among other things, approval of the Tim Hortons shareholders and the approval and issuance of a final order of the Superior Court of Justice.

The board of directors of Tim Hortons has unanimously recommended that Tim Hortons shareholders as of the record date of November 3, 2014 vote "FOR" the transaction at the Tim Hortons special meeting to be held on December 9, 2014.