RBI says don't fall for Ocehan's smelly offer

Executive Summary

• Restaurant Brands International Inc. (RBI) has been notified of an unsolicited "mini-tender offer" by Ocehan LLC to purchase up to 50,000 common shares (approx. 0.02% of outstanding shares).
• RBI explicitly recommends that shareholders reject the offer, stating it does not endorse the transaction and has no association with Ocehan.
• The offer price of $66.50 CAD per share represents a significant discount of 24.81% to RBI's closing price of $88.44 CAD on the last trading day prior to the offer commencement.

Key Details

• Offeror: Ocehan LLC.
• Target: Restaurant Brands International Inc. (RBI).
• Offer Structure: Unsolicited mini-tender offer.
• Quantity: Up to 50,000 common shares (approximately 0.02% of outstanding common shares).
• Offer Price: $66.50 CAD per share.
• Market Comparison: The offer price is $21.94 CAD lower than the Toronto Stock Exchange closing price of $88.44 CAD on August 20, 2025.
• Discount: The offer represents a 24.81% discount to the market price.
• RBI Stance: The company cautions shareholders against confusion between USD and CAD prices and recommends against tendering shares.
• Context: Ocehan has made similar unsolicited mini-tender offers for other Canadian public companies.

Notable Quotes

• "RBI does not endorse this unsolicited offer, has no association with Ocehan or its offer, and recommends that shareholders do not tender their shares to the offer."