Restaurant Brands directors recommend Finaccess takeover bid despite lower valuation

Restaurant Brands independent directors have unanimously recommended shareholders accept the NZ$5.05 per share takeover offer from Finaccess Restauración, S.L., citing risks associated with remaining as a shareholder outweighing the offer price. The offer represents a 70.6% premium to the NZX closing price on September 29, 2025, and a 79.6% premium to the one-month volume-weighted average price. Shareholders have until November 25, 2025, to accept the offer.

Finaccess Restauración, S.L. has been steadily increasing its stake in Restaurant Brands through the takeover offer. As of October 28, 2025, Finaccess held 87.781% of Restaurant Brands shares, rising to 89.178% by October 29, and further to 89.335% by October 30, 2025.

The independent directors acknowledge the offer price is below the independent adviser's assessed value range of NZ$5.24 to NZ$6.20 per share, but emphasize the strong premium and the opportunity for shareholders to transfer business risk in a challenging market. Directors, including Stephen Ward, have also accepted the offer for their own holdings.