I would think that depends on whether or not they will still have an association with Wendy's. (With only 15-18% of TH being spun off Wendy's will still be controlling shareholder, no?) If you drive I-75 from Michigan to Florida you'll find a bunch of Tim Hortons co-located with Wendy's stores. I thought that was clever, with all the Canadians driving that route (snowbirds, vacations etc.) they have a built-in base of customers even if the local business doesn't materialize right away. IIRC, Ron Joyce (co-founder with Tim Horton) and Dave Thomas became good friends and Joyce stayed on as CEO of Wendy's/Timmy's Canadian operations even after Wendy's bought them. I don't think Dave Thomas would have sold TH, he knew a goldmine wheb he saw one.