A Substitution for Tim Hortons Inc. in the S&P/TSX Composite and 60 Indices
TORONTO, Dec. 8, 2014 /CNW/ - S&P Dow Jones Canadian Index Services will make the following changes in the S&P/TSX Canadian Indices:
Tim Hortons Inc. (TSX:THI) Is expecting to receive shareholder approval for its merger transaction with Burger King Worldwide, Inc. (NYSE:BKW) on Tuesday, December 9, 2014. Final court approval of the Plan of Arrangement is expected on Thursday, December 11, 2014. Effective after the close on Friday, December 12, 2014, the name of Tim Hortons will be changed to an as yet unknown new name (herein called NewTim) and the company will also have new ID codes such as ticker symbol, CUSIP, ISIN, SEDOL etc. When-issued trading of NewTim (and NewTim Exchangeable) will start on TSX at the open on Wednesday, December 10, 2014 and both securities will be MOC-eligible from the outset. There will be no index constituency change in S&P/TSX indices for NewTim.
The transaction will be executed in the following way:
- The MOC price of Tim Hortons on Friday, December 12, 2014, will be reduced by $CDN65.50 to adjust for the cash portion of the transaction.
- The shares of Tim Hortons/NewTim will be consolidated on a 0.8025-for-1 basis after the close on Friday, December 12, 2014
- Following the consolidation, the shares of NewTim will be updated to 213,791,000 shares with an IWF of 1.00
Please take note that if, subsequent to the issuance of this press release, changes to the terms of the merger transaction arise, this index treatment may be revised.
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SOURCE: S&P Dow Jones Indices
For further information: Tony North, Director, Canadian Index Operations, S&P Dow Jones Indices, (+) 416 507 3204, [email protected]; David Blitzer, Managing Director and Chairman of the Index Committee, S&P Dow Jones Indices, (+) 212 438 3907, [email protected]