Canaccord Genuity on Burger King Worldwide (BKW): Return to the Throne
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Price: $35.50 --0%
Rating Summary:
6 Buy, 7 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 7 | Down: 5 | New: 25
Rating Summary:
6 Buy, 7 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 7 | Down: 5 | New: 25
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Canaccord Genuity on Burger King Worldwide (NYSE: BKW): Return to the throne.
Burger King’s stock rose after it made its trading debut Wednesday (and are up 4% in today's session) on the New York Stock Exchange, bringing it back to the public market just about a year and half after a New York investment firm took it private. The world's No. 2 hamburger chain had last traded as a public company between 2006 and 2010 before it was purchased and taken private by investment firm 3G Capital. Burger King’s return to the Big Board wasn’t through an initial public offering, however. 3G Capital announced an unusual deal in April to sell a minority stake to Justice Holdings, a shell company co-founded by Bill Ackman. 3G Capital received $1.4 billion in exchange and retains a 71% stake in the company and only 16% of shares are available for sale to investors. When the “reverse-merger” transaction was announced in April, Justice said it expected the fastfood chain's core profits in 2012 to almost double from 2010.
Burger King’s stock rose after it made its trading debut Wednesday (and are up 4% in today's session) on the New York Stock Exchange, bringing it back to the public market just about a year and half after a New York investment firm took it private. The world's No. 2 hamburger chain had last traded as a public company between 2006 and 2010 before it was purchased and taken private by investment firm 3G Capital. Burger King’s return to the Big Board wasn’t through an initial public offering, however. 3G Capital announced an unusual deal in April to sell a minority stake to Justice Holdings, a shell company co-founded by Bill Ackman. 3G Capital received $1.4 billion in exchange and retains a 71% stake in the company and only 16% of shares are available for sale to investors. When the “reverse-merger” transaction was announced in April, Justice said it expected the fastfood chain's core profits in 2012 to almost double from 2010.
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