RBI Recommends Shareholders Reject NYSB's "Mini-tender Offer"

Rhea-AI Summary

Restaurant Brands International (NYSE: QSR) warns shareholders to reject New York Stock and Bond LLC's unsolicited mini-tender offer to buy up to 100,000 shares (~0.03%) at US$43.60 per share, a 34.92% discount to the NYSE close of US$66.99 on January 30, 2026.

RBI says it has no association with NYSB, recommends shareholders not tender, notes a 14-day withdrawal window per offer documents, and cites SEC and CSA concerns about below-market mini-tenders. RBI also summarized its scale: ~$47 billion system sales and 33,000 restaurants.

Positive

• Company issued a clear, timely shareholder warning to reject the offer
• Offer documents provide a 14-day withdrawal right for tendered shareholders
• RBI cited SEC and CSA guidance, directing shareholders to regulator resources

Negative

• Offer price of $43.60 is a 34.92% discount to the Jan 30, 2026 market close
• Mini-tender structure seeks to avoid fuller disclosure by targeting <5% ownership

Argus Mar 9 session

-0.84% close to close Open Argus

Details

News Market Reaction – QSR

On Mar 9, the first trading day after this news, QSR closed 0.84% below the previous close.

Data tracked by StockTitan Argus for the Mar 9 session.

Key Figures

Mini-tender size: 100,000 shares Stake percentage: 0.03% of shares Offer price: US$43.60 per share +5 more

Mini-tender size

100,000 shares

Maximum RBI common shares targeted by NYSB mini-tender

Stake percentage

0.03% of shares

Portion of RBI outstanding common shares in mini-tender

Offer price

US$43.60 per share

NYSB mini-tender offer price for RBI common shares

Market reference price

US$66.99 per share

NYSE closing price on January 30, 2026 before mini-tender

Offer discount

34.92% discount

Discount of mini-tender price vs Jan 30, 2026 NYSE close

Mini-tender threshold

Less than 5% of shares

Mini-tender offers seek under 5% of a company’s outstanding shares

System-wide sales

Nearly $47 billion

RBI annual system-wide sales across its brands

Restaurant count

Over 33,000 restaurants

Global restaurant footprint in more than 120 countries and territories

Historical Context

5 past events · Latest: Feb 26

5 events

1. Feb 26

   Growth algorithm update

   24h Move

   +3.4%

   Reaffirmed 2028 growth algorithm and >$1.6B planned 2026 capital returns.

2. Feb 23

   Investor event notice

   24h Move

   +1.9%

   Announced Feb 26 investor event to discuss long-term growth algorithm.

3. Feb 12

   Earnings release

   24h Move

   -6.2%

   Reported 2025 results with system-wide and comparable sales growth and AOI gains.

4. Feb 02

   China JV expansion

   24h Move

   -0.0%

   Completed CPE joint venture to accelerate Burger King expansion in China.

5. Jan 26

   Earnings date set

   24h Move

   -1.8%

   Scheduled Feb 12 release of Q4 and full-year 2025 financial results.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

mini-tender offer

1 terms

mini-tender offer regulatory

"has been notified of an unsolicited mini-tender offer made by New York Stock"

A mini-tender offer is a proposal to buy a relatively small slice of a company’s outstanding shares, typically under the regulatory threshold that triggers full public-offer rules. It matters to investors because these offers usually come with fewer disclosure and procedural protections than large takeovers, can be made at prices below current market value, and may temporarily restrict or complicate your ability to sell—think of it as an unsolicited small buyout attempt that lacks the safeguards of a full-scale offering.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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MIAMI, March 6, 2026 /PRNewswire/ - Restaurant Brands International Inc. (NYSE: QSR) (TSX: QSR) ("RBI") has been notified of an unsolicited mini-tender offer made by New York Stock and Bond LLC ("NYSB") to purchase up to 100,000 RBI common shares, or approximately 0.03% of the company's outstanding common shares, at a price of US$43.60 per share. NYSB's offer price of US$43.60 represents a discount of 34.92% to the NYSE closing price of US$66.99 for RBI common shares on January 30, 2026, the last trading day before the mini-tender offer was commenced. RBI cautions shareholders that the mini-tender offer has been made at a price significantly below the market price for RBI shares.

RBI does not endorse this unsolicited offer, has no association with NYSB or its offer, and recommends that shareholders do not tender their shares to the offer.

According to NYSB's offer documents, RBI shareholders who have already tendered their shares can withdraw their shares at any time within 14 days after the date of delivery of the shareholder's acceptance form (or tender form) by following the procedures described in the offer documents.

For background, mini-tender offers are designed to seek less than 5% of a company's outstanding shares, avoiding disclosure and procedural requirements applicable to most bids under U.S. and Canadian securities regulations. The U.S. Securities and Exchange Commission (SEC) and the Canadian Securities Administrators (CSA) have expressed serious concerns about mini-tender offers, including the possibility that investors might tender to such offers without understanding the offer price relative to the actual market price of their securities.

The SEC states that "bidders make mini-tender offers at below-market prices, hoping that they will catch investors off guard if the investors do not compare the offer price to the current market price."

RBI strongly encourages brokers, dealers and other market participants to exercise caution and review the letter regarding broker-dealer mini-tender offer dissemination and disclosures on the SEC website at: http://www.sec.gov/divisions/marketreg/minitenders/sia072401.htm

RBI requests that a copy of this news release be included in any distribution of materials relating to NYSB's mini-tender offer for RBI shares.

Comments from the CSA on mini-tenders can be found on the Ontario Securities Commission (OSC) website at: http://www.osc.gov.on.ca/en/SecuritiesLaw_csa_19991210_61-301.jsp

Information about mini-tender offers can be found on the SEC website at: http://www.sec.gov/investor/pubs/minitend.htm

NYSB has made similar unsolicited mini-tender offers for shares of other public companies in the US.

Restaurant Brands International Inc. is one of the world's largest quick service restaurant companies with nearly $47 billion in annual system-wide sales and over 33,000 restaurants in more than 120 countries and territories. RBI owns four of the world's most prominent and iconic quick service restaurant brands – TIM HORTONS®, BURGER KING®, POPEYES®, and FIREHOUSE SUBS®. These independently operated brands have been serving their respective guests, franchisees and communities for decades. Through its Restaurant Brands for Good framework, RBI is improving sustainable outcomes related to its food, the planet, and people and communities.

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SOURCE Restaurant Brands International Inc.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is the NYSB mini-tender offer for Restaurant Brands International (QSR) dated March 6, 2026?

It is an unsolicited offer to buy up to 100,000 RBI shares (~0.03%) at $43.60 per share. According to the company, the price is materially below recent market levels and shareholders are advised not to tender.

Why does Restaurant Brands International (QSR) recommend rejecting NYSB's mini-tender offer?

Because the offer price is significantly below market value: $43.60 vs the $66.99 close on Jan 30, 2026. According to the company, tendering could leave shareholders receiving well below prevailing market prices.

Can shareholders withdraw shares already tendered to NYSB's offer for QSR and by when?

Yes. Shareholders who tendered can withdraw their shares within 14 days after delivering their acceptance form. According to the company, withdrawal procedures are detailed in NYSB's offer documents.

How large is NYSB's offer relative to RBI's outstanding shares and why does that matter for QSR shareholders?

The offer targets about 0.03% of outstanding shares (100,000 shares). According to the company, mini-tenders below 5% avoid many disclosure requirements, increasing investor risk if price comparisons are not made.

What regulatory guidance has RBI cited about mini-tender offers affecting QSR shareholders?

RBI cites SEC and CSA warnings that mini-tenders can be below-market and exploit inattentive investors. According to the company, investors should review SEC and Ontario Securities Commission resources before acting.