Restaurant Brands International Inc., the owner of Burger King, is in advanced talks with Popeyes Louisiana Kitchen Inc. about a takeover of the chicken chain, according to people familiar with the matter.
Negotiations between the companies are ongoing, and a transaction could be announced as early as this week, said the people, who asked not to be identified as the details aren’t public. Talks could still fall apart, the people said. Popeyes has a market value of about $1.37 billion, while Restaurant Brands is worth $25 billion.
The companies held talks in the summer but were unable to reach an agreement at the time, the people said. Burger King renewed its interest in Popeyes late last week and made an offer that was mainly cash, one of the people said. The fried-chicken chain then contacted possible counter bidders over the weekend, however no competitive offer materialized, the person said.
A spokeswoman for Popeyes declined to comment. A representative for Restaurant Brands didn’t immediately respond to a request outside of regular business hours.
