Finaccess has made its formal offer to acquire Restaurant Brands, stating it will purchase all ordinary shares in the company that it does not already own at $5.05 per share.

The company currently owns 75.02 per cent of Restaurant Brands’ ordinary shares, with its offer open for acceptance until 11:59pm on November 25.

“Over the last three years, Restaurant Brands’ share price has decreased significantly in value and underperformed the NZX50 index,” said Finaccess in a letter posted to the NZX.

Finaccess attributed Restaurant Brands’ poor performance to structural issues in regard to the company’s listing.

Finaccess said Restaurant Brands’ largest institutional shareholder, the Accident Compensation Corporation, had already entered into a lock-up deed to accept the offer pertaining to all Restaurant Brands shares held by the company, which represents 4.7 per cent of Restaurant Brands’ shares.

The Restaurant Brands committee of independent directors will issue a Target Company Statement by October 29, including an independent advisor’s report by Calibre Partners to shareholders.

The committee has advised shareholders not to take any action regarding the takeover offer until they receive the Target Company Statement.