The Malay Chamber of Commerce Malaysia has outbid US $ 1.6 billion buyout offer by CVC Capital Partners Ltd and Johor Corp for the controlling stake in fast-food restaurants operator QSR Brands Bhd which controls more than 900 fast-food outlets in Southeast Asia and India for brands like KFC and Pizza Hut.
The chamber will offer RM6.90 per share for Kulim (Malaysia) Bhd’s majority stake in QSR, the chamber’s President Syed Ali Alattas told Business Times. London-based buyout group CVC Capital and Malaysia’s Johor Corp made the RM6.80 per share bid on Dec. 14. At stake is the control of Kulim which directly owns 54 percent of Kuala Lumpur-based QSR which in turn controls KFC (Malaysia) Holdings, according to data compiled by Bloomberg. Kulim last year rejected two RM6.70 per share takeover bids for QSR, including one from Washington- based Carlyle Group. “We could set up an investment company and we’re talking to banks,” Syed Ali said. “Our chamber has more than a million members. We could invite members like Felda, Tambung Haji and PNB to join us.” Unlike the Malay Chamber’s offer, CVC Capital and Johor Corp. bid for all the assets and liabilities of both QSR and KFC Malaysia, which would cost them RM5.24 billion (US$1.6 billion) excluding warrants, according to Bloomberg News calculations. QSR and KFC’s independent directors backed this offer on Dec. 21, though minority shareholders have yet to vote. The Chamber however is seeking a cheaper option by gaining control of both companies by only acquiring Kulim’s QSR stake. This would cost it about RM1.1 billion, based on Bloomberg News calculations. “This is what I call the smart route,” Syed Ali said.
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The chamber will offer RM6.90 per share for Kulim (Malaysia) Bhd’s majority stake in QSR, the chamber’s President Syed Ali Alattas told Business Times. London-based buyout group CVC Capital and Malaysia’s Johor Corp made the RM6.80 per share bid on Dec. 14. At stake is the control of Kulim which directly owns 54 percent of Kuala Lumpur-based QSR which in turn controls KFC (Malaysia) Holdings, according to data compiled by Bloomberg. Kulim last year rejected two RM6.70 per share takeover bids for QSR, including one from Washington- based Carlyle Group. “We could set up an investment company and we’re talking to banks,” Syed Ali said. “Our chamber has more than a million members. We could invite members like Felda, Tambung Haji and PNB to join us.” Unlike the Malay Chamber’s offer, CVC Capital and Johor Corp. bid for all the assets and liabilities of both QSR and KFC Malaysia, which would cost them RM5.24 billion (US$1.6 billion) excluding warrants, according to Bloomberg News calculations. QSR and KFC’s independent directors backed this offer on Dec. 21, though minority shareholders have yet to vote. The Chamber however is seeking a cheaper option by gaining control of both companies by only acquiring Kulim’s QSR stake. This would cost it about RM1.1 billion, based on Bloomberg News calculations. “This is what I call the smart route,” Syed Ali said.
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