DUBLIN, Ohio — Wendy's board of directors approved the distribution by special dividend to its shareholders of nearly 160 million common shares of Tim Hortons Inc. it owns.
According to a news release, the shares represent an 82.75 percent ownership stake of Tim Hortons. Wendy's will distribute all the Tim Hortons shares it currently owns to its shareholders and expects the distribution to occur on Sept. 29.
"This transaction will fulfill the commitment we made to complete the spin-off of Tim Hortons before the end of the year," said Wendy's interim chief executive officer and president Kerrii Anderson. "It will also provide our shareholders with an ownership position in two solid restaurant brands, Wendy's and Tim Hortons, both of which are poised to enhance shareholder value as independent companies."
