09:49 AM EST - Tim Hortons Inc. : and Burger King Worldwide Inc. today announced a definitive agreement under which the two companies will create a new global powerhouse in the quick service restaurant sector. Under the terms of the transaction, which has been unanimously approved by the Board of Directors of both companies, Tim Hortons shareholders will receive $65.50 in cash and 0.8025 common shares of the new company per Tim Hortons share. Based on Burger King's unaffected closing stock price as of August 22, , this represents total value per Tim Hortons share of $89.32 and based on Burger King's closing stock price as of August 25, 2014, this represents total value per Tim Hortons share of $94.05. Tim Hortons Inc.
shares T.THI are trading up $7.89 at $89.92.
