On Air Now

Now Playing

Our Playlist »

Listen

Listen Live Now » 103.7 FM Sioux Falls, SD

Weather

Current Conditions(Sioux Falls,SD 57104)

More Weather »
53° Feels Like: 53°
Wind: SSW 3 mph Past 24 hrs - Precip: 0”
Current Radar for Zip

Today

Partly Cloudy 75°

Tonight

Isolated Thunderstorms 49°

Tomorrow

Partly Cloudy 69°

Alerts

Exclusive: Highfields Capital raises stake in Tim Hortons - source

NEW YORK (Reuters) - Highfields Capital Management has increased its stake in Canadian coffee and doughnut chain Tim Hortons from 1.5 percent to around 4 percent this year, a source familiar with the situation told Reuters Wednesday.

A Highfields spokeswoman declined to comment. A Tim Hortons spokesman was not immediately available for comment.

Hedge fund Highfields Capital, which has a track record of bringing about change at other firms, wants Tim Hortons to boost returns through debt-funded share buybacks and a scaling back of U.S. expansion plans, according to documents seen by Reuters and two sources familiar with the matter.

Reuters first reported the news of Highfields' behind-the-scenes agitation Tuesday night.

(Reporting by Jessica Toonkel; Editing by Lisa Von Ahn)

Comments