OAKVILLE, Ontario — Tim Hortons Inc. announced that the underwriters of its initial public offering of 29 million shares of common stock have exercised their over-allotment option and will purchase 4.35 million additional shares of common stock.
Including the over-allotment shares to be purchased, the offering will total 33.35 million shares at the public offering price of C$27.00 (U.S.$23.162) per share and will result in net proceeds to the company of approximately C$846.4 million (U.S.$726.1 million) after deducting underwriting discounts and commissions of C$54.0 million (U.S.$46.3 million).
Tim Hortons Inc. is Canada 's largest QSR chain and features coffee, fresh-baked goods, soups and sandwiches. As of Jan. 1, there were 2,597 restaurants in Canada and 288 in the United States.
