"International fast food behemoth Burger King Worldwide Inc. confirmed Tuesday that it will pay about $11 billion to buy Canadian chain Tim Hortons Inc., which sells coffee, donuts, and other breakfast food fare. The deal would merge America's second-largest burger chain, which is valued at nearly $10 billion, with the Canadian equivalent to Dunkin' Donuts, which is valued at more than $8 billion. It would also move the new company's headquarters to Canada, where corporate taxes are significantly lower." [more inside]
When Bill Ackman hand selected Ron Johnson as the new C.E.O. of JCPenney (previously) people took notice. However, after dismal fourth-quarter results, Bill Ackman had strong criticisms for Johnson, calling his tenure "very close to a disaster." Last night, JCP announced that Ron Johnson has been replaced by ex-CEO Myron Ullman.