McDonald's largest franchisee in the world, Arcos Dorados Holdings Inc., based in Buenos Aires, Argentina, announced today the pricing of its underwritten initial public offering of 73,484,164 Class A shares at a price to the public of $17.00 per share.
The shares began trading today, under "ARCO," on the New York Stock Exchange.
Arcos Dorados operates McDonald's restaurants in Latin America and the Caribbean. In its initial share sale, the company raised $1.25 billion, which, according to Bloomberg, is 33 percent more than the asking price.
BofA Merrill Lynch, J.P. Morgan, Morgan Stanley, Itau BBA and Citi acted as joint bookrunners for the offering.
Easy money
Don't we all wish we could buy things with Monopoly money? McDonald's Canada recently made that happen, albeit not at face value. (For example, a $100 Monopoly bill earned French fries).
The idea was the brainchild of McDonald's Canada's ad agency Cossette, the same one that also recently came up with the idea of giant cup-lid umbrellas.
McDonald's franchisee sued for sexual harassment
Further south in Wisconsin, Missoula Mac, owner of 42 McDonald's units throughout the state, has been slapped with a lawsuit by the U.S. Equal Employment Opportunity Commission for allegedly allowing sexual harassment of female workers take place.
The alleged incidents took place at the company's McDonald's restaurant in Reedsburg, Wisc. Three former workers filed the charges, claiming they were subjected to a pattern of inappropriate comments, touching and propositions by their male counterparts. Some also claimed they were fired when they complained about the incidents.
The lawsuit was filed after the EEOC investigated the claims. It seeks lost wages and compensatory and punitive damages for the women, as well as injunction to end discriminatory practices.
Georgia McDonald's managers charged with selling stolen IDs
More franchisee trouble for the Golden Arches comes from three managers in the Savannah, Ga., market who were charged this week with selling stolen U.S. citizens' IDs to prospective, and perhaps illegal, workers.
Agents from the U.S. Immigration and Customs Enforcement presented search warrants at two McDonald's units this week, as well as at McDonald's-NTG Enterprises, headquarters of the owner/operator of six units in the area.
One of the managers arrested was a Mexican citizen working under a stolen ID. In addition, nine others were arrested at the restaurants, presumed to be illegal citizens.
As the population of illegal immigrants in the U.S. grows – it is now estimated to be about 11 million – identity theft for the purpose of acquiring work eligibility is expected to grow.
