KUALA LUMPUR (Jan16): KULIM (M) BHD [] has rejected the unsolicited offer from the Malay Chamber of Commerce Malaysia’s (MCCM) to buy its 58.68% stake in QSR BRANDS BHD [] at RM6.90 a share.
Kulim said on Monday its board of directors had deliberated on MCCM’s offer to acquire the shares which would have required Kulim’s shareholders’ approval.
“Kulim took note of the stand by its holding corporation, Johor Corporation, that it would not support any proposal to dispose of the QSR Shares.
“In view of the above, Kulim has by a letter dated Jan 16, 2012 informed DPMM that the offer is rejected,” it said.
To recap, MCCM had offered to buy the 58.68% stake in QSR for RM6.90 a share, rivalling an earlier RM6.80 offer by Massive Equity Sdn Bhd, a joint vehicle between Kulim’s ultimate parent Johor Corp and private equity firm CVC Capital Partners.
Massive Equity was offering to buy all of the assets and liabilities of both QSR and KFC Holdings Bhd (KFCH), which worked out to cost more than RM5.3 billion excluding warrants.
In comparison, MCCM’s offer is only for Kulim’s stake in QSR, although such acquisition will eventually trigger a general offer for QSR and hence KFCH.
Kulim said on Monday its board of directors had deliberated on MCCM’s offer to acquire the shares which would have required Kulim’s shareholders’ approval.
“Kulim took note of the stand by its holding corporation, Johor Corporation, that it would not support any proposal to dispose of the QSR Shares.
“In view of the above, Kulim has by a letter dated Jan 16, 2012 informed DPMM that the offer is rejected,” it said.
To recap, MCCM had offered to buy the 58.68% stake in QSR for RM6.90 a share, rivalling an earlier RM6.80 offer by Massive Equity Sdn Bhd, a joint vehicle between Kulim’s ultimate parent Johor Corp and private equity firm CVC Capital Partners.
Massive Equity was offering to buy all of the assets and liabilities of both QSR and KFC Holdings Bhd (KFCH), which worked out to cost more than RM5.3 billion excluding warrants.
In comparison, MCCM’s offer is only for Kulim’s stake in QSR, although such acquisition will eventually trigger a general offer for QSR and hence KFCH.
