Dunkin’, Harpoon making donut-infused beer; mortgage refinance fee put on hold
Fox Business Briefs: Dunkin’ and Harpoon Brewery teaming up for a line of coffee and donut-infused beers; Federal Housing Finance Agency says a new fee that was to go into effect in September 2020, which would have made it more expensive for homeowners to refinance their mortgage, will be delayed.
Although Inspire Brands Inc. said Friday that it would acquire Dunkin’ Brands Group Inc. for $11.3 billion, including the Dunkin’ Brands’ debt that Inspire will be taking on, some shareholders of the doughnuts and coffee company question if the deal is fair to them.
Continue Reading Below
“On behalf of Dunkin’ Brands shareholders, Halper Sadeh LLP may seek increased consideration for shareholders, additional disclosures and information concerning the proposed transaction, or other relief and benefits,” a statement read from the global investor rights law firm.
“The Dunkin’ Brands merger investigation concerns whether Dunkin’ Brands and its board of directors violated the federal securities laws and/or breached their fiduciary duties to shareholders by failing to: (1) obtain the best possible price for Dunkin’ Brands shareholders; (2) determine whether Inspire is underpaying for Dunkin’ Brands; and (3) disclose all material information necessary for Dunkin’ Brands shareholders to adequately assess and value the merger consideration.”
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Inspire Brands said Friday it would pay $106.50 in cash for all of Dunkin’ Brands’ shares, which closed Friday at $99.71. Dunkin’ Brands’ stock surged to an all-time high earlier this week after the company confirmed the two were in merger talks.
Dunkin’, based in Canton, Massachusetts, also owns the Baskin-Robbins ice cream chain. There are 12,500 Dunkin’ stores and 8,000 Baskin-Robbins outlets worldwide.
DUNKIN', WENDY'S SPICE THINGS UP IN TWITTER BATTLE
Atlanta’s Inspire Brands, which was founded in 2018, is rapidly becoming one of the largest restaurant groups in the U.S. In addition to Buffalo Wild Wings and Arby’s, it owns the Sonic burger chain, Jimmy John’s restaurants and Rusty Taco. It has annual sales of more than $14 billion.
Inspire is part of the private equity company Roark Capital Group, also based in Atlanta. Roark also backs Focus Brands — the owner of Auntie Anne’s Pretzels and Cinnabon — and CKE Restaurants, which owns the Carl’s Jr. and Hardee’s burger chains.
|DNKN||DUNKIN BRANDS GROUP||99.71||-1.39||-1.37%|
The deal would give Inspire a spot in the breakfast category, which was the fastest-growing segment of the restaurant industry before the pandemic hit.
CLICK HERE TO READ MORE ON FOX BUSINESS
Inspire said it expected the deal to close by the end of the year.
Source: Read Full Article