Tim Hortons Shareholders Approve Acquisition By Burger King

(RTTNews) - Canadian quick service restaurants operator Tim Hortons Inc. (THI, THI.TO) said that its shareholders approved proposed acquisition by Burger King Worldwide Inc. (BKW).

Following approximately 99.2% approval of votes cast by THI shareholders, the two companies announced the name of the new parent company, Restaurant Brands International.

Upon close of the transaction, shares of Restaurant Brands International will be traded on the New York Stock Exchange and the Toronto Stock Exchange under the trading symbol QSR. Units of Restaurant Brands International Limited Partnership are expected to trade on the Toronto Stock Exchange under the trading symbol QSP.

The transaction remains subject to customary closing conditions, including, among other things, approval and issuance of a final order of the Ontario Superior Court of Justice. The Ontario Superior Court of Justice hearing for the final order to approve the Arrangement is scheduled to take place on December 11, 2014, and completion of the Arrangement and related transactions is expected to occur on or about December 12, 2014.

Burger King in late August agreed to acquire Tim Hortons in a cash and stock deal reportedly valued at about $11.4 billion to create a combined entity that will be publicly-listed and headquartered in Canada.