By Jacob Steinberg:British investment company Justice Holdings has paid $1.4 billion to acquire 29% of Burger King, and when all is said and done in a few months, these shares will be listed on the New York Stock Exchange. That will mark the first time the company will be listed on the NYSE since 2010. Should investors get excited and expect similar results from Burger King that McDonald's (MCD) has achieved over the past several years?
Burger King has announced the sale of a 29 percent stake in the fast food chain and its upcoming return to the New York Stock Exchange, two years after it was acquired by an investment firm.The announcement on Tuesday came one day after Burger King, which has long run a distant second to global hamburger giant McDonald's, said it would overhaul its menu to entice new customers.
Burger King Holdings Inc. (BKC), the world’s second largest fast food hamburger chain, posted fourth quarter and fiscal 2010 results on August 24. The company’s adjusted earnings for both quarter and fiscal surpassed the Zacks Consensus Estimates, but results declined on a year-over-year basis on the back of sagging comparable restaurant sales, hurt by a sluggish economic environment and high level of unemployment.