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Tim Hortons announces pricing of 29 million shares
March 23, 2006
OAKVILLE, Ontario— Tim Hortons Inc. announced the pricing of its initial public offering of 29 million shares of common stock, at a price of C$27.00 (U.S.$23.162). Trading is expected to begin on the New York Stock Exchange and the Toronto Stock Exchange on March 24. The underwriters, in consultation with Management, have targeted approximately 60% of the share allocation to Canadian investors.
The Toronto Stock Exchange has conditionally approved the listing of the Company's common stock under the symbol "THI." The New York Stock Exchange has approved the listing of the Company's common stock under the symbol "THI ."
Following the offering, Tim Hortons will remain 82 percent to 85 percent owned by Wendy's International, Inc. The Company has granted the underwriters the option to purchase up to an additional 4.35 million shares of common stock from Tim Hortons at the initial public offering price less the underwriting discount to cover over-allotments, if any.
Previously, Wendy's had said it wouldn't entirely split off the brand this year to avoid tax costs. The stock has been a strong performer, gaining more than 26 percent in the last four months. This advance has been supported well by its 50-day moving average. Wendy's is trading at an all-time high above 60 as shareholder activists press the company to unlock the value in its non-hamburger businesses.
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