Feb 14, 2017

The BFD: Burger King owner eyes Popeyes

AP Photo/Mark Lennihan

Restaurant Brands International (TSX: QSR), the 3G Capital-backed owner of Burger King and Tim Hortons, has approached Popeyes Louisiana Kitchen (Nasdaq: PLKI) about a takeover, according to Reuters. Popeyes shares climbed 14% on the news yesterday, giving it a market cap of around $1.6 billion. Shares today are sinking, however, after a late-night NY Post suggestion that the Reuters info is out of date, and that RBI lost interest in Popeyes late last year.

• Why it's the BFD: RBI's approach suggests that it is seeking to expand its U.S. presence by purchasing new assets that don't compete too directly with Burger King or Tim Hortons (from a menu perspective). Even if Popeyes isn't the ultimate target, that doesn't mean that some other billion dollar-plus chain won't get gobbled up.

• Bottom line: The best way to gauge the likelihood of this deal happening is probably to stake out a pair of Popeyes stores on Dodge St. and West Broadway St. in Omaha, Nebraska. Those are the ones closest to Warren Buffett's office and, whenever 3G Capital is involved in buying something , the fast food-loving Oracle is almost certain to have a hand in it.

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Japan to close schools through late March to control coronavirus outbreak

A couple takes photos in front of the Olympic rings in Tokyo. Photo: Tomohiro Ohsumi/Getty Images

Japanese Prime Minister Shinzo Abe announced Thursday that the government will ask elementary, middle and high schools around the country to close until late March as an attempt to contain its novel coronavirus outbreak, AP reports.

Why it matters: The government's decision — impacting 12.8 million students across 34,847 schools — comes as concerns mount about the spread of the virus in Japan, which has 189 confirmed cases and hundreds more abroad the quarantined Diamond Princess cruise ship.

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Why it matters: There’s only so much any president can do to stop a virus from spreading, and for now the coronavirus is still very much under control within the U.S. But if the disease get worse in the months ahead, and if the administration seems to be caught off guard, that spells trouble for public confidence in Trump.

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Coronavirus updates: New global case numbers surpass China's

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The big picture: COVID-19 has killed more than 2,800 people and infected over 82,000 others in some 50 countries and territories. As Denmark and Estonia reported their first cases Thursday, Scott Morrison, prime minister of Australia — which has 23 confirmed infections — told a news conference, "The risk of a global pandemic is very much upon us."

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