WHY REJECTED all the offerrrrrr???
Written by Joseph Chin
Monday, 29 November 2010 18:44
KUALA LUMPUR: Kulim (Malaysia) Bhd and its subsidiary QSR BRANDS BHD [] have rejected the revised takeover offer for all the business and undertakings of QSR at RM6.70 per share.
Kulim said on Monday, Nov 29 it had deliberated on the offer and unanimously resolved to reject the offer in view of the group’s current business strategy moving forward.
“The board views the businesses of QSR and its subsidiaries as part of the key entities within the Kulim Group. As QSR and subsidiaries are currently experiencing a robust growth, the board believes that more value can be realised in the long term and therefore the companies should be retained within the group,” it said.
In a separate statement, QSR clarified the reasons for its refusal to accept the revised offer of RM6.70 proposed by KUB MALAYSIA BHD [] in collaboration with Idaman Saga Sdn Bhd and CVC Capital Partners Asia III Ltd.
“The board is of the view that the company and its subsidiaries are currently experiencing a robust growth and more value can be realised in the long-term,” it said in a statement to Bursa Malaysia.
Earlier on Monday, QSR rejected the revised offer of RM6.70, though it was higher than Idaman’s original offer of RM5.61.
KUB holds the Yum! franchise for A&W in Malaysia and Thailand. CVC Asia III is affiliated to CVC Capital Partners, a leading global private equity firm with over US$43 billion in funds.
US-based private equity fund Carlyle had last week upped Idaman’s offer to RM6.70 to take QSR private.