Fast food giant Wendy's International Inc. confirmed Thursday plans to spin off Canadian icon Tim Hortons Inc. in an IPO by March.
Wendy's first said in July it would sell part of the doughnut and coffee chain to increase shareholder value.
The registration statement for the offering was filed with the U.S. Securities and Exchange Commission. Wendy's intends to offer 15 to 18 per cent of Tim Hortons and the filing documents value the IPO at as much as US$600 million.. Tim Hortons would list on both the Toronto and New York stock exchanges under the symbol "THI."
Tim Hortons is Canada's largest quick-service restaurant chain with 2,529 locations, accounting for 22.6 per cent of total industry revenues. In the U.S., the chain has 272 locations.
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