This stock listing’s a Whopper
Burger King plans return to NYSE within 3 months
NEW YORK – Burger King is prettying itself up for a public outing.
The world’s No. 2 hamburger chain, which is in the midst of overhauling its menu and stores, says it expects to relist its shares on the New York Stock Exchange within the next three months.
In a deal announced late Tuesday, the New York-based investment firm 3G Capital said it is selling a 29 percent stake in Burger King for $1.4 billion in cash to Justice Holdings Ltd., a London-based shell specifically set up by investors to invest in a company.
Justice Holding’s shares will suspend trading on the London Stock Exchange once the deal is complete. The company will then emerge as Burger King Worldwide Inc., and its shares will be traded on the New York Stock Exchange.
Burger King previously traded under “BKC” between 2006 and 2010, but its new ticker has not yet been determined.
The announcement comes just a day after Burger King launched a star-studded TV ad campaign to tout the biggest revamp since the chain opened its doors in 1954.
© Copyright 2012 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.