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Stock Market & Financial Investment News

News Breaks
February 21, 2014
07:31 EDTTHITim Hortons upgraded to Outperform from Market Perform at Raymond James
Raymond James upgraded Tim Hortons based on based on the rapidity of changes by the new CEO that include the exit from the Cold Stone Creamery and the single serve entry in Retail, which has meaningful upside.
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August 26, 2014
07:36 EDTTHITim Hortons: Berkshire Hathaway has committed $3B of preferred equity financing
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07:34 EDTTHITim Hortons: Burger King CEO Daniel Schwartz to become group CEO of new company
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07:34 EDTTHI3G Capital to convert 70% stake in Burger King into equity of new company
At the time of closing, Alex Behring, Executive Chairman of Burger King and Managing Partner at 3G Capital, will lead the new global company as Executive Chairman and Director. Marc Caira, President and CEO of Tim Hortons, will be appointed Vice-Chairman and a Director, focused on overall group strategy and global business development. Daniel Schwartz, CEO of Burger King, will become Group CEO of the new company, with overall day-to-day management and operational accountability. The new company's board will include the current eight Burger King directors and three directors to be appointed by Tim Hortons, including Mr. Caira. Mr. Caira and Mr. Schwartz will continue as Tim Hortons and Burger King CEOs, respectively, through the transition period. The current Tim Hortons headquarters in Oakville, Ontario will continue to be the global home of the Tim Hortons business. Burger King's current headquarters in Miami, Florida will continue to be the global home of the Burger King business. It is expected that the shares of the new parent company will be listed on the New York Stock Exchange and the Toronto Stock Exchange. This transaction will not change the way Tim Hortons works with its franchisees or its business model. 3G Capital will retain all of its investment in Burger King by converting its roughly 70% equity stake in Burger King into equity of the new company. On a pro forma basis, 3G Capital is expected to own approximately 51% of the new company with the balance of the common shares to be held by current public shareholders of Burger King and Tim Hortons.
07:32 EDTTHITim Hortons, Burger King announce merger agreement
An agreement was reached today to create the world's third largest quick service restaurant company. Tim Hortons (THI) and Burger King Worldwide (BKW) announced a definitive agreement under which the two companies will create a new global powerhouse in the quick service restaurant sector. With approximately $23 billion in system sales, over 18,000 restaurants in 100 countries and two strong, thriving, independent brands, the new company will have an extensive international footprint and significant growth potential. The new global company will be based in Canada, the largest market of the combined company. Under the terms of the transaction, which has been unanimously approved by the Board of Directors of both companies, Tim Hortons shareholders will receive C$65.50 in cash and 0.8025 common shares of the new company per Tim Hortons share. Based on Burger King's unaffected closing stock price as of August 22, 2014, this represents total value per Tim Hortons share of C$89.32 and based on Burger King's closing stock price as of August 25, 2014, this represents total value per Tim Hortons share of C$94.05. As an alternative to the default mixed transaction consideration described above, each Tim Hortons shareholder will have the ability to elect to instead receive, for each Tim Hortons share held, either (i) C$88.50 in cash; or (ii) 3.0879 common shares of the new company, in each case subject to pro ration. The C$89.32 unaffected offer value represents a premium of 39% based on the volume weighted average price of Tim Hortons stock over the past 30 days ending Friday August 22, 2014, and a 30% premium based on Tim Hortons closing stock price on August 22, 2014. By receiving shares in the new parent company, Tim Hortons shareholders will have the opportunity to participate in the new company's long-term value creation potential.
07:32 EDTTHITim Hortons, Burger King announce merger agreement
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06:52 EDTTHIU.S. will receive more money in taxes after Tim Hortons deal, sources tell CNBC
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06:33 EDTTHIBurger King wants merger despite problems with dining combos, NY Times says
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06:19 EDTTHIBerkshire may lend 25% of financing for Burger King/Tim Hortons deal, WSJ says
Warren Buffett's Berkshire Hathaway (BRK.A) will help finance the acquisition of Tim Hortons (THI) by Burger King (BKW), the Wall Street Journal reports, citing people familiar with the matter. According to sources, Berkshire, which would invest in the deal in the form of preferred shares, could provide around 25% of the deal's financing. The acquisition may be valued at $10B or more. Reference Link
06:18 EDTTHITim Hortons downgraded to Neutral from Buy at Longbow
August 25, 2014
16:13 EDTTHIOn The Fly: Closing Wrap
Stocks began the session in positive territory and proceeded to tack on gains throughout the morning. Despite a disappointing report on new home sales in July, the S&P surpassed the 2,000 level for the first time before noon. The market pared its gains shortly after the milestone was reached and drifted for the remainder of the session on light volume, as trading activity may be restrained all week ahead of the Labor Day weekend. ECONOMIC EVENTS: In the U.S., the Chicago Fed's National Activity index jumped to 0.39 in July from an upwardly revised 0.21 in June. Markit's preliminary August services PMI came in at 58.5, which was down from a prior reading of 60.8 but above the 58.0 consensus projection. New home sales dropped 2.4% to a 412K rate in July, missing expectations for them to have risen to a 430K annualized rate. COMPANY NEWS: Shares of InterMune (ITMN) surged $19.05, or 35.41%, to $72.85 after the company agreed to be acquired by Roche (RHHBY) for $74.00 per share in an all-cash transaction. The deal announcement comes less than two weeks after Bloomberg reported that Roche, along with big pharma peers Sanofi (SNY) and GlaxoSmithKline (GSK), had made takeover bids for the smaller drugmaker. A number of other biotech companies gained following the deal announcement, including bigger names like Gilead (GILD) and Celgene (CELG) and smaller ones such as Achillion Pharmaceuticals (ACHN) and Receptos (RCPT)... Burger King (BKW) shares rose $5.29, or 19.51%, to $32.40 after the company confirmed it is in talks regarding a potential strategic transaction with Canadian donut chain Tim Hortons (THI). Shares of Tim Horton's trading in New York also gained $11.88, or 18.91%, to $74.72 following the confirmation of news first reported by The Wall Street Journal. MAJOR MOVERS: Among the other notable gainers was Advaxis (ADXS), which advanced 75c, or 23.08%, to $4.00 after announcing it has entered into a clinical trial collaboration agreement with Merck (MRK). Also rising were shares of Comtech (CMTL), which jumped $1.70, or 4.84%, to $36.81 after Reuters said the company is working with Citigroup to explore a potential sale. Among the noteworthy losers was Chinese internet and software company Qihoo 360 Technology (QIHU), which fell $7.88, or 7.74%, to $93.87 despite reporting second quarter earnings and revenue that beat analysts' estimates. Also lower were shares of GrubHub (GRUB), which fell $3.60, or 8.42%, to $39.16 after filing to sell 10M shares of common stock. INDEXES: The Dow gained 75.65, or 0.44%, to 17,076.87, the Nasdaq rose 18.80, or 0.41%, to 4,557.35, and the S&P 500 advanced 9.54, or 0.48%, to 1,997.94.
12:35 EDTTHIBurger King, Tim Hortons deal likely complete in next day or two, CNBC reports
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12:19 EDTTHIOn The Fly: Midday Wrap
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11:30 EDTTHITim Hortons price target raised to $90 from $75 at KeyBanc
10:25 EDTTHIBurger King, Tim Hortons climb higher after confirming deal talks
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10:07 EDTTHITim Hortons could be worth as much as $85 shares in a merger, says Raymond James
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09:11 EDTTHIOn The Fly: Pre-market Movers
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08:36 EDTTHITim Hortons business would be boosted by Burger King deal, says KeyBanc
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06:47 EDTTHITim Hortons volatility expected to move on confirming talks with Burger King
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05:11 EDTTHITim Hortons, Burger King confirm talks regarding potential strategic transaction
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August 24, 2014
20:05 EDTTHIBurger King seeks Tim Hortons acquisition in tax inversion deal, WSJ says
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