TIM HORTONS $92.84 (Toronto symbol THI; TSINetwork Rating: Average) (905-845-6511; www.timhortons.com; Shares outstanding: 132.6 million; Market cap: $12.3 billion; Div. yield: 1.4%) had sales of $909.2 million in the three months ended September 30, 2014, up 10.2% from $825.4 million a year earlier. Earnings per share fell 2.2%, to $0.74 from $0.75.
The company has accepted a friendly takeover offer from Miami-based Burger King Worldwide (New York symbol BKW). If you exclude unusual items, such as $27.3 million in takeover-related costs, Tim Hortons earned $0.95 a share in the quarter, up 25.0% from $0.76 a year earlier.
Under the deal, Tim Hortons’ shareholders can opt to receive $88.50 a share in cash or 3.0879 Burger King shares worth a total of $113.51 (all amounts in Canadian dollars).
However, Burger King plans to limit the cash payout, so most Tim Hortons investors will get $65.50 in cash plus 0.8025 of a Burger King share, for a total value of $95.00.
We see Burger King as a hold. If you need to extract funds from your portfolio, you could sell some of your Tim Hortons stock. Otherwise, hold.
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