Diageo was informed on 15 November 2002 by the buying group led by Texas Pacific Group (TPG) that TPG and its partners would not be able to complete the acquisition of the Burger King Corporation on the terms previously agreed. However, TPG and its partners expressed a desire to continue in discussions towards a transaction materially different as to terms and structure.
Diageo is continuing its discussions with TPG, while considering the other options available to it.