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article imageTim Hortons or Tim King? U.S. Burger King taking over chain

By Marcus Hondro     Dec 6, 2014 in Business
Tim Hortons Inc. has all but officially been taken over by, or 'tied-up with,' the American company Burger King Worldwide Inc. It is an $11 billion deal and it makes the Canadian icon part of the Burger King family, based in Miami-Dade, Florida.
The latest development saw Burger King's shareholders approve the deal in a vote Friday. The deal will now be voted upon by Tim Hortons shareholders Tuesday; their board has recommended they vote for the deal.
The Canadian government signed off on the transaction last week and Industry Minister James Moore said it is a good deal for Canada.
"The result of this transaction is this new global company, with sales of more than $23 billion annually, which will now be based in Canada," the industry minister said in a statement released Thursday. "Our government is pleased to see companies like Burger King investing in Canada's economy and looking to benefit from our low taxes and open markets."
The minister said that conditions agreed to by Burger King before the deal was approved include keeping all of Tim Hortons employees, speeding up the opening of new Tim Hortons franchises in the United States and around the globe and keeping the company's headquarters in Canada. The government has not disclosed any steps they will take to make certain Burger King adheres to these and other conditions.
U.S. regulators had already approved the deal.
The headquarters for the company will be in Oakville, Ontario. Other related Tim Hortons news was the recent increase in the price of a cup of coffee and a sandwich, each going up 10 cents.
Tim Hortons has been a part of Canada since 1964 when it was founded in Hamilton, Ontario, by NHL hockey player, the late Tim Horton, and investors. There are over 4,500 Tim Hortons in Canada, about 800 in the United States and 38 in the Persian Gulf area.
The company removed the apostrophe in Tim Horton's in 1993 when it was interpreted to be breaking Quebec provincial sign laws.
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