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The Whopper and the Timbit have officially agreed to come together, with Burger King Worldwide Inc. announcing it has reached a deal to buy Tim Hortons Inc.

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‘Americans are so chauvinistic. They tend to think, Oh, an American company bought or is merging with a smaller Canadian company. The reverse is true here’





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The boards of directors of both companies have unanimously approved the acquisition, which would put the headquarters of the world’s third-largest fast food company in Canada. The terms of the $12.5-billion deal stipulate that Tim Hortons shareholders are to receive $65.50 in cash and 0.8025 common shares of the new company per Tim Hortons share.

Tim Hortons shares jumped more than 10% in pre-market trading Tuesday morning after surging to a new all-time high Monday after the companies confirmed they were in takeover talks.

The combined company would have US$23-billion in sales and more than 18,000 restaurants in 100 countries, according to the release announcing the agreement.