Tim Hortons Says Canadian Reorganization Complete

NEW YORK (AP) — Coffee-and-doughnut chain Tim Hortons Inc. said Monday that its reorganization is complete and it is now a Canadian public company.

The company started to take steps over the summer toward the reorganization. In June Tim Hortons made a regulatory filing with the U.S. Securities and Exchange Commission and said its proposed reorganization would include a combination with a newly formed subsidiary. The company would then become a wholly owned subsidiary of a business also named Tim Hortons Inc. under the Canada Business Corporations Act.

Tim Hortons said at the time that the reorganization would help to streamline its operational and administrative functions and help it expand in Canada and overseas. The chain would also be able to take advantage of lower Canadian tax rates starting the year after the reorganization. Tim Hortons emphasized that it still planned to grow its U.S. business.

Stockholders' shares were automatically converted into an equal number of common stock in the Canadian company.

Tim Hortons now trades on the Toronto Stock Exchange and the New York Stock Exchange under the "THI" ticker symbol.

Tim Hortons had 3,475 systemwide restaurants, including 2,939 in Canada and 536 in the U.S., as of June 28.

The company's U.S.-listed shares added 8 cents to $28.07 in afternoon trading.