P.M. BRIEFING : Dunkin’ Donuts Takeover Bid Starts
BOSTON — Two Canadian firms, Unicorp Canada Corp. and Cara Operations Ltd., launched a hostile $305.3-million tender offer today for Dunkin’ Donuts Inc.
The $43-a-share offer replaces a friendly $298.2-million bid rejected by Dunkin’ Donuts last month. Richard Hart, Dunkin’ Donuts vice president and treasurer, said the company will not comment on the offer announced today.
Dunkin’ Donuts stock was up 50 cents to $40.12 1/2 a share in early over-the-counter trading today.
Unicorp’s merchant banking arm, Kingsbridge Capital Group, owns about 12% of Dunkin’ Donuts’ 7.1 million outstanding shares.
Dunkin’ Donuts, a chain based in Randolph, Mass., with about 1,700 franchise shops, has set up a series of takeover defenses, including a “poison pill” shareholder rights plan and an employee stock ownership plan.
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