Canada approves Tim Hortons-Burger King merger

Oakville, Canada — The proposed merger between Tim Hortons Inc. and Burger King Worldwide Inc. has been approved by the Minister of Industry under the Investment Canada Act ("ICA"). The companies have set the deadline for registered shareholders of Tim Hortons or Burger King Worldwide to make an election by Dec. 9, with the assumption the proposed merger will occur Dec. 12.



Tim Hortons and Burger King Worldwide also confirmed the transaction has previously received regulatory clearance under the Hart-Scott-Rodino Act (USA), the Competition Act (Canada) and the Canada Transportation Act. The transaction remains subject to other customary closing conditions, including, among other things, approval of the Tim Hortons shareholders and the approval and issuance of a final order of the Ontario Superior Court of Justice.



The board of directors of Tim Hortons has unanimously recommended that Tim Hortons shareholders vote for the merger at a Tim Hortons special meeting to be held Dec. 9.



With approximately $23 billion in system sales, more than 18,000 restaurants in 100 countries and two strong, independent brands, following the merger each brand will continue to be managed independently and maintain its respective headquarters, while obtaining global scale and sharing of best practices that will come with common ownership by the new company