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Investing_Fall2006 - Investing A Crash Course in the Basics...

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Investing A Crash Course in the Basics Lynn / Mgmt 120 Abilene Christian University
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IPO: Ownership and Cash May 18, 2006 $
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Burger King History 1954 Burger King's first restaurant— originally called Insta Burger King— opened by James McLamore and David Edgerton in Miami, alumni of Cornell University’s School of Hotel Administration; McLamore had visited Dick and Mac McDonald’s restaurant in San Bernardino; the first milkshake machine was sold to them by Ray Kroc, who later grew McDonald's into a global company; in a trademark settlement with San Antonio chain Whopper Burger, Burger King was not allowed to open locations within two counties of the city 1967 Burger King was bought by Pillsbury 1988 Pillsbury was bought by Grand Metropolitan PLC (UK) 1997 Grand Metropolitan merged with Guinness to form Diageo 2002 Burger King purchased from Diageo for $1.5 (US) billion by a private equity group headed by Stanley Foster and the investment firm Texas Pacific Group; the new owners, through several new CEOs, revitalized the company and realized $367 million in dividends 2004
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