The friendly takeover of Dunkin' Donuts' parent company was about liquor, not doughnuts and coffee, making it likely the ubiquitous fast-food chain will be sold, analysts said.
Allied Domecq PLC, the British parent of Canton-based Dunkin' Donuts, announced Thursday that it agreed to a $14.2 billion takeover by French rival Pernod Ricard SA.
Pernod officials said the acquisition strengthens their position against the liquor market leader, British-based Diageo PLC.
Dunkin Donuts' coffee, bagels and crullers aren't a big part of Pernod's new business and don't fit into this brewing spirits war, said David Henkes, a senior principal at the Chicago-based food industry consultant, Technomic Inc.
That means the chain will likely be sold or spun off, he said.
"Everybody's sense is the restaurants are not going to be a long-term part of the deal," Henkes said.
A Dunkin' Donuts spokesman declined to comment Thursday on what the deal would mean for the company.
Henkes expects Pernod to move Dunkin' Donuts quickly, but added that if the sale lags, it could leave Dunkin' Donuts in limbo, particularly regarding its recently launched westward expansion to take on rival Starbucks.
"Will it slow the expansion push? That's a great question and I don't know if I can answer," Henkes said. "If someone with deep pockets comes in, they may want to expand the brand."
Carl Sibilsky, an analyst with Morningstar Inc., said a sale could be a boon to Dunkin' Donuts if it attracts a company like Yum Brands Inc., which operates KFC, Taco Bell and Pizza Hut.
That would give Dunkin' Donuts a larger nationwide base of potential franchisees, and perhaps aid its expansion, he said.