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A Lower Price Is Said to Revive Burger King Sale.
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- Abstract:
Reports that Burger King's owner, Diageo PLC, has reached an agreement in principle to sell the company for about $1.5 billion to the same group of buyout firms, the Texas Pacific Group, Goldman, Sachs & Company, and Bain Capital, that called off an agreement to acquire it for $2.26 billion. Efforts of Diageo to sell Burger King for two years in order to focus on its core beer and liquor operations; Agreement of Diageo to provide financing to the buyers; Sluggish sales at Burger King; Criticism of the company for providing customers with little variety and overexpanding without increasing sales; Relationship with franchisees.
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