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Popeyes Said to Have Snubbed Bid From Arby's During Sale

  • Arby’s offer said to have been structured as reverse takeover
  • Chicken chain’s shares trading close to agreed offer price
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Burger King Parent Buying Popeyes Chicken for $1.8B

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Popeyes Louisiana Kitchen Inc., which said Tuesday it agreed to be bought by Restaurant Brands International Inc. for about $1.8 billion, received a rival bid from Arby’s Restaurant Group Inc. during the sale process, according to people familiar with the matter.

The offer from Arby’s, which is backed by Roark Capital Group, would have been structured as a reverse takeover, the people said, asking not be identified as the details of the bid aren’t public. Under the terms offered this weekend, shareholders would have received $40 a share in cash as well as equity in the new combined company, the people said, with Roark owning 80 percent.