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Stockholders approve Tim Hortons merger, reorganization
September 22, 2009
Tim Hortons Inc.'s shareholders have voted to allow a proposed merger transaction to reorganize the company as a Canadian public company. Tim Hortons expects to proceed with the completion of the transaction, with the merger and reorganization to become effective Sept. 28.
Following the approval of the company's stockholders, THI Mergeco Inc., a Delaware corporation and a wholly-owned subsidiary of Tim Hortons Inc., a corporation incorporated under the Canada Business Corporations Act, will merge with and into Tim Hortons' existing public company, incorporated under the laws of the state of Delaware.
As a result of the reorganization, the new Canadian public company, also known as Tim Hortons Inc., will become the parent company of the Tim Hortons group of companies. After the reorganization, Tim Hortons expects to continue to conduct its business in substantially the same manner as it does today.
Tim Hortons stockholders will have their existing common stock automatically converted into an equal number of common shares in the new Canadian public company. Upon completion of the merger and reorganization, Tim Hortons shares will be traded on both the Toronto Stock Exchange and New York Stock Exchange under the same stock symbol "THI."
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