Editing Tim Hortons (section)

===2002–2006: Regaining independence===
Tim Hortons franchises spread rapidly and eventually overtook [[McDonald's]] as Canada's largest food service operator.<ref>{{Cite web |last1=cycles |first1=This text provides general information Statista assumes no liability for the information given being complete or correct Due to varying update |last2=Text |first2=Statistics Can Display More up-to-Date Data Than Referenced in the |title=Topic: Tim Hortons |url=https://www.statista.com/topics/2145/tim-hortons/ |access-date=2024-08-08 |website=Statista |language=en}}</ref> The company opened twice as many Canadian outlets as McDonald's by 2005,<ref name="obj">{{cite news | title = Wendy's confirms Tim Hortons IPO by March | work = [[Ottawa Business Journal]] | date = December 1, 2005 | url = http://www.ottawabusinessjournal.com/284838323369567.php | url-status = dead | archive-url = https://web.archive.org/web/20060629032314/http://www.ottawabusinessjournal.com/284838323369567.php | archive-date = June 29, 2006 }}</ref> and system-wide sales also surpassed those of McDonald's Canadian operations as of 2002.<ref>{{cite web | title = Marketer of the Year: Down-Home Smarts | work=[[Marketing Magazine]] | date = February 7, 2005 | url = http://www.marketingmag.ca/magazine/current/marketer_year/article.jsp?content=20050207_66405_66405 | archive-url = https://web.archive.org/web/20070927032702/http://www.marketingmag.ca/magazine/current/marketer_year/article.jsp?content=20050207_66405_66405 | archive-date = September 27, 2007 | first = Rebecca | last = Harris}}</ref> The chain accounted for 22.6% of all fast-food industry revenues in Canada in 2005.<ref name="obj" />

Under pressure from major investors Peter May and [[Nelson Peltz]],<ref name=Reuters2005>{{cite news|title=Wendy's Says Nelson Peltz Gave 'Ultimatum'|url=https://www.foxnews.com/story/wendys-says-nelson-peltz-gave-ultimatum|access-date=March 1, 2015|work=Fox News Channel|agency=Reuters|date=December 30, 2005}}</ref> in late 2005, Wendy's announced it would sell between 15% and 18% of the Tim Hortons operations in an initial public offering, which was completed on March 24, 2006, and subsequently said it would spin-off to shareholders its remaining interest by the end of 2006.<ref name="ipo1">{{cite news | title = Wendy's to spin off all of Tim Hortons by end of 2006 | date = March 3, 2006 | url = https://www.cbc.ca/news/business/wendy-s-to-spin-off-all-of-tim-hortons-by-end-of-2006-1.606946 | archive-url = https://web.archive.org/web/20110316150725/http://www.cbc.ca/news/story/2006/03/03/wendys-060303.html | url-status = live | archive-date = March 16, 2011 | publisher=[[CBC News]]}}</ref> Wendy's cited increased competition between the two chains and Tim Hortons' increasing self-sufficiency as reasons for its decision, but the company had been under shareholder pressure to make such a move because of the strength and profitability of the Tim Hortons brand.<ref name="ipo2">{{Cite press release | title = Wendy's International, Inc. Announces Comprehensive Strategic Initiatives to Enhance Shareholder Value | date = July 29, 2005 | url = http://www.timhortons.com/ca/en/about/news_archive_2005g.html | publisher=Tim Hortons}}</ref>

Shares of the company began trading on March 24, 2006, with an initial public offering of {{CAD|27}} per share, raising over $700&nbsp;million in the first day of trading. On September 24, Wendy's spun off the rest of its shares in Tim Hortons by distributing the remaining 82% to its shareholders.<ref>''Toronto Star'', September 29, 2007.</ref> On the same day, Tim Hortons was added to Canada's benchmark stock-market indicator, the [[S&P/TSX Composite Index]], and to the [[S&P/TSX 60]].<ref>{{cite web|url=https://www.thestar.com/NASApp/cs/ContentServer?pagename=thestar/Layout/Article_Type1&c=Article&cid=1159353728514&call_pageid=968350072197&col=969048863851 |archive-url=https://web.archive.org/web/20061111063723/http://www.thestar.com/NASApp/cs/ContentServer?pagename=thestar%2FLayout%2FArticle_Type1&c=Article&cid=1159353728514&call_pageid=968350072197&col=969048863851 |url-status=dead |archive-date=November 11, 2006 |title=TheStar.com – Tim Hortons joins S&P/TSX index roster |website = [[Toronto Star]]|date=November 11, 2006 }}</ref>

As of March 2006, Tim Hortons commanded 76% of the Canadian market for baked goods (based on the number of customers served) and held 62% of the Canadian coffee market (compared to [[Starbucks]], in the number two position, at 7%).<ref name="blo">{{cite news | title = Tim Hortons Raises {{CAD|783&nbsp;Million}} in Initial Offering | publisher = Bloomberg | date = March 23, 2006 | url = http://quote.bloomberg.com/apps/news?pid=10000103&sid=aVbau_WUTixk&refer=news_index | first1 = Josh | last1 = Fineman | first2 = David | last2 = Scanlan | url-status = dead | archive-url = https://web.archive.org/web/20070930070258/http://quote.bloomberg.com/apps/news?pid=10000103&sid=aVbau_WUTixk&refer=news_index | archive-date = September 30, 2007 | df = mdy-all }}</ref>