Takeover bid filed for N.Z. Pizza Hut franchisee, Restaurant Brands

May 16, 2004

AUCKLAND, N.Z.—Claims of a takeover bid for Restaurant Brands, franchisee of Pizza Hut, KFC and Starbucks in New Zealand and Australia, moved the struggling company's stock up a notch, to NZ $1.35 (U.S. 93 cents), on May 14.

According to the New Zealand Herald, a little-known company named King Win Laurel offered NZ $1.50 (U.S. $1.04) per share for Restaurant Brands. An unidentified Restaurant Brands spokesperson said they had never heard of King Win and urged shareholders not to act on the offer, as they believed it did not comply with the Takeovers Code.

ABN Amro stock analyst Bryon Burke thinks King Win Laurel's offer may not be serious. "I guess it's highlighted to the market that maybe (Restaurant Brands) are a bit undervalued," he said. "(T)here might be some sort of fire where there's smoke—but to me it all looks like smoke and mirrors."



Topics: Pizza Hut , Public Companies

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