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AUCKLAND, N.Z.—Restaurant Brands, operator of Pizza Hut, KFC and Starbucks in New Zealand and Australia, said a planned takeover bid by King Win Laurel international has been withdrawn.
According to Reuters, King Win pledged an offer of $1.50 (U.S. $1.03) a share for all the stock in Restaurant Brands, with 80 percent in cash and the remainder in five-year convertible debt bonds.
Restaurant Brands said in a statement that it "wishes to advise that the takeover notice dated May 14, 2004, from King Win Laurel International Limited has now been withdrawn."
On May 17 the company advised shareholders that the offer didn't comply with New Zealand's Takeover's Code and recommended shareholders ignore it.
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