MIAMI Controlling shareholders in Burger King franchisor Burger King Holdings Inc. plan to sell another 20 million of their shares to the public, according to documents filed with the U.S. Securities and Exchange Commission.
The secondary offering would pare the investments of Texas Pacific Group, Bain Capital Partners and Goldman Sachs to 60.2 of BKH’s stock, from the presenting holding of about 75.1 percent of the company’s equity, or 101 million shares.
Atarget issue price was not disclosed, but analysts have valued the offering at $405 million to $475 million. Shares of BKH were trading at about $49 at presstime.
The sellers’ stake would dip to 58 percent if the underwriters exercise an over-allotment option for the offering of an additional 3 million shares.
The companies have owned Burger King for a little more than four years. Burger King held its initial public offering of 25 million shares at $17 a share last May.
BKH reported a 41 percent higher second quarter profit of $8 million at the end of January. The franchisor of the world’s second-largest burger chain said it would not sell any shares as part of the secondary offering.