Chipotle Plans to Recapitalize

Skadden represented Chipotle Mexican Grill Inc. on the tax and certain corporate aspects of its recapitalization into a single class of common stock. Chipotle's dual class structure was put in place to facilitate the tax efficient divestiture of Chipotle by McDonald's over three years ago. Collapsing the dual class stock structure will allow Chipotle to eliminate a significant, unexpected price disparity between its two classes of common stock, without affecting the tax efficient nature of such prior divestiture. The planned conversion, announced in an SEC filing in October, is scheduled to be voted on by shareholders on December 21.