updated 7/15/2009 4:16:11 PM ET 2009-07-15T20:16:11

Burger King Corp. said Tuesday it will mail customers coupons in August and September allowing them to purchase a double cheeseburger for $1 after its franchisees reportedly vetoed a proposal to offer the burger on the menu at that price.

The news of the offer came after the Wall Street Journal reported Tuesday that the company dropped a plan to sell its double cheeseburger for $1 in the U.S. after franchisees voted against it. The price was reportedly meant to be for a limited time to lure customers hungry for a cheap meal.

The burger usually costs around $2 in most areas.

Fast-food chains that offer substantial discount menus have enjoyed strong results during the recession as customers seek them out to save money.

Burger King said the coupons will be mailed to nearly 80 million households across the U.S. and will include almost $50 in savings per coupon booklet. The booklet will include the double cheeseburger coupon. Consumers will have 60 days to redeem the coupons.

In a statement, the company said it "remains fully focused on its value offerings and delivering value for the money to its guests," adding that "many product and menu options are always in development and under consideration."

The statement did not specifically reference the report, but the company did say the double cheeseburger is already being sold for $1 in some local markets.

Burger King also said it will promote its Whopper Jr. burger, priced at $1 nationally, during August and September.

Shares dropped 8 cents to $16.07 in electronic after-hours trading. During regular trading shares fell 36 cents, or 2 percent, to close at $16.15 after dropping 6 percent earlier in the day.

The drop came after Bank of America downgraded the company's stock to "Neutral" from "Buy."

Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


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