FIVE

WHAT IS THE LEGACY OF THE LEADER?

Things might have been different,but they could not have been better.

J. R. R. TOLKIEN, LEAF BY NIGGLE

ON TUESDAY, FEBRUARY 21, 2017, CNBC ran this headline: “Restaurant Brands in Deal to Acquire Popeyes Louisiana Kitchen for $1.8 billion.” The deal announcement stated that Restaurant Brands International (RBI) would pay $79 a share in cash for Popeyes, “a 27 percent premium to Popeyes thirty-trading day volume weighted average price of February 10,” the last trading day before the media got wind of the deal. Maxim Group stock analyst Stephen Anderson wrote in a research note, “We believe the Popeyes acquisition would provide Restaurant Brands a concept that provides steady organic and unit growth in both ...

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