Burger King Goes Public Again, Trades Up on Wall Street
|The King goes public.|
Trading under the ticker symbol BKW, the Miami-based fast-food giant opened today at $14.50 and was recently trading up 7.2 percent at $15.55, according to the Wall Street Journal.
The deal is part of a merger agreement with Justice Holdings Limited, a London investment firm. Burger King has merged with Justice, which has created a Deleware-based holding company. Burger King will trade under the name Burger King Worldwide.
In 2010, Burger King was purchased by 3G Capital. It took the chain private with the intent to revamp the restaurant, which has been losing its foothold in fast-food rankings. The owners of 3G Capital will retain 71 percent of the newly formed company, having received $1.41 billion for the 29 percent it sold to Justice Holdings.
In an effort to regain its share of consumer food dollars, BK has been introducing various menu items, including a line of "healthy" fruit smoothies and salads, as well as trendy selections such as bacon sundaes, sweet potato fries, and pulled pork sandwiches.
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