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Burger King agrees to $3.3 billion 3G Capital offer

Posted by on Sep 2nd, 2010about and filed under Business, Nation. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.

Burger King Holdings Inc. agreed to be acquired by 3G Capital for $3.3 billion, giving the New York investment firm control over the second-largest U.S. hamburger chain.

The $24-a-share price is 46 percent more than Miami-based Burger King’s close Aug. 31, before reports of a deal surfaced. Under the terms of the agreement, Burger King can solicit superior bids through Oct. 12, according to a statement today. The transaction amounts to about $4 billion including debt.

The chain’s sales growth has slowed for two straight years as consumers ate out less to deal with the U.S. economic slump. Burger King, which trails only McDonald’s Corp. in the U.S., has seen a slower recovery than its larger rival as its clientele suffered more from the recession, said Tom Forte, an analyst at New York-based Telsey Advisory Group.

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