The world's number two fast-food chain, Burger King is to be taken over by private equity firm 3G Capital.It comes as the burger chain faces stiff competition from market leader McDonald's, which has fared better than its rival since the onset of the downturn. One of Burger King's core markets, men between 18 and 34, are notoriously fickle in their spending habits, and have been hit by increased unemployment over the past two years.
Burger King CEO John Chidsey said in a statement, 'We look forward to partnering with 3G Capital, whose proven track record as an investor, together with its financial and consumer brands experience, will serve to further strengthen the company, our restaurants and franchisees worldwide'. The deal is not final as Burger King can solicit higher bids until October 12th. Burger King has 12,100 branches in 70 countries. The company became public in 2006 four years after a buyout from a consortium of investment firms.