NEW YORK (TheStreet) -- Shares of Burger King Worldwide Inc. (BKW) are down 1.74% to $30.52 after the fast-food chain issued a statement saying they are "moving forward as planed" with their $11.5 billion merger with Tim Hortons Inc. (THI) as new U.S. Treasury Department rules on corporate tax inversions take effect, according to Reuters.
"This deal has always been driven by long-term growth and not by tax benefits," the companies said in a joint statement.
Burger King is in the process of moving and re-incorporating the company in Canada in its deal with Ontario-based Tim Hortons, the coffee and doughnut retailer.
Shares of Tim Hortons are down 0.56% to $79.69 on Tuesday.
TheStreet Ratings team rates BURGER KING WORLDWIDE INC as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate BURGER KING WORLDWIDE INC (BKW) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its solid stock price performance, impressive record of earnings per share growth, compelling growth in net income, expanding profit margins and good cash flow from operations. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results."