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Wendy's Completes Tim Hortons Spinoff.
(From FinancialWire)
Byline: MIKHAIL SAVINOV
FinancialWire-2 October 2006-Wendy's Completes Tim Hortons Spinoff (C)2006 Investrend Communications, Inc.
October 2, 2006 (FinancialWire) Wendy's International, Inc. (NYSE: WEN) has completed its spinoff of Tim Hortons Inc. (NYSE: THI) by distributing 159,952,977 common shares of the Canadian donut chain.
The shares represented the 82.75% ownership stake of Tim Hortons that Wendy's held following the initial public offering of Tim Hortons in March.
Wendy s distributed the shares as a pro rata common stock dividend to Wendy's shareholders of record as of September 15. Wendy's shareholders received 1.3542759 shares of Tim Hortons common stock for each share of Wendy's common stock held.
Fractional shares will be aggregated by a transfer agent and sold. The proceeds will be distributed to Wendy s shareholders who would otherwise have received fractional shares.
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