MIAMI – The Canadian Minister of Industry approved the merger of Burger King Worldwide Inc. and Tim Hortons Inc. In connection with the announcement, the companies have set a deadline for shareholders to choose their payout.

Tim Hortons and Burger King also confirmed that the merger already received regulatory clearance under the United States' Hart-Scott-Rodino Act, Canada's Competition Act and the Canada Transportation Act. The merger remains subject to other customary closing conditions, including, among other things, approval of the Tim Hortons shareholders and the approval and issuance of a final order of the Ontario Superior Court of Justice.

After the transaction closes, each brand will be managed independently and maintain respective headquarters. The companies plan to share best practices while benefiting from a global scale.

"As part of the new company, Tim Hortons has the opportunity to accelerate its growth internationally and bring the Tim Hortons experience to a new global customer base, while maintaining the brand's core values, employee and franchisee relationships, community support and always fresh coffee," the companies said in a statement.