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Diageo Rejects Four Burger King Bids

Miami--Sources close to the auction of Burger King Corp. by parent Diageo Plc said the British company and its investment banker have deemed four bids received for BK inadequate, the Miami Herald reported. The four bids, including ones by Texas Pacific Group and Arby's parent Triarc Cos., ranged from $2 billion to $2.5 billion. Despite the rejections, the Herald quoted a recent Diageo earnings report as saying the BK auction was "progressing as planned." -Nation's Restaurant News