Burger King is in talks to combine with Canadian coffee and doughnut chain Tim Hortons Inc in a deal that would create a fast food powerhouse with a market capitalization of roughly $18 billion.The companies confirmed merger discussions late on Sunday, and said the new company would be the world's third-largest quick service restaurant. It would be based in Canada, which has lower overall corporate taxes than the United States.The proposed deal would be structured as a so-called tax inversion transaction to move Burger King's domicile out of the United States, and could come as soon as in the next few days, according to sources familiar with the discussions.Recent attempts by companies for tax inversion deals, which are made to avoid higher U.S. taxes and save money on foreign earnings and cash held outside the United States, have drawn the attention of President Barack Obama, who criticized a "herd mentality" by companies seeking such deals.
Tim Hortons Inc., is a quick service restaurant in North America. Shares of THI traded higher by 2.76% or $1.69/share to $62.84. In the past year, the shares have traded as low as $50.67 and as high as $63.01. On average, 174706 shares of THI exchange hands on a given day and today's volume is recorded at 368025.
Tim Hortons Inc., is a quick service restaurant in North America. Shares of THI traded higher by 2.79% or $1.87/share to $68.78. In the past year, the shares have traded as low as $56.12 and as high as $68.95. On average, 412553 shares of THI.TO exchange hands on a given day and today's volume is recorded at 833202.
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