Finaccess launches unconditional takeover bid for Restaurant Brands

Finaccess Restauración, S.L. ("Finaccess"), the majority shareholder of Restaurant Brands New Zealand Limited ("Restaurant Brands"), formally announced a takeover offer on October 14, 2025, to acquire all ordinary shares it does not currently own for NZ$5.05 cash per share. This offer is unconditional, following receipt of Overseas Investment Office consent on October 2, 2025. The offer period for acceptance is open until 11:59 pm on November 25, 2025, with payment for valid acceptances to be made within five working days of receipt.

The NZ$5.05 per share offer represents a significant premium to recent trading prices, including 70.6% to the closing price on September 29, 2025 (NZ$2.96), and 79.6% to the one-month volume weighted average price (NZ$2.81). Accident Compensation Corporation, Restaurant Brands' largest institutional shareholder, holding 4.73% of total shares, has entered a lock-up deed to accept the offer. Finaccess has stated this is its final and best price, and it will not make another takeover offer for shares under the Takeovers Code for at least 24 months.

Finaccess believes the offer addresses issues such as low trading liquidity and a small free float (approximately 25%), which have contributed to the significant decrease in Restaurant Brands' share price and underperformance relative to the NZX50 index over the past three years. The company intends to compulsorily acquire all outstanding shares and delist Restaurant Brands from the NZX Main Board and ASX if it reaches the compulsory acquisition threshold.