3G cuts Restaurant Brands stake with US$1.2bn block
3G Capital returned to the market on Thursday with a familiar approach to cutting its stake in Restaurant Brands International to monetise US$1.2bn via a block sale of stock.
Bank of America offloaded its purchase of 17.6m shares at US$68.95, the bottom of the US$68.95–$69.70 range and a 2.1% discount to the close of US$70.41.
Aside from being much larger, the offer was a near replica of the sponsor’s two previous selldowns of the Tim Horton's and Burger King franchisor.
Once again, unnamed shareholders stepped up to purchase 7.84m shares in the offer, or nearly half the deal.
Notably, Bill Ackman’s Pershing Square Capital ranks among Restaurant Brands’ major shareholders with a 7% stake, according to LSEG data.
BofA sold the remaining shares via a forward sale, giving 3G time to exchange equity interests into common stock before the December 3 settlement date.
3G used the same structure on its previous selldowns, a US$447m raise in August last year and US$488m in 2023, at similar valuations of US$68.50 and US$68.75 a share.
The sponsor, which is cutting its holding to a 21.8% stake from 25.7%, can sell again in 45 days should it opt to accelerate from selling stock once a year.