QSR spurns revised Idaman-KUB offer of RM6.70
Written by Joseph Chin
Monday, 29 November 2010 14:56
KUALA LUMPUR: QSR BRANDS BHD [] has rejected a revised offer of RM6.70 proposed by KUB MALAYSIA BHD [] in collaboration with Idaman Saga Sdn Bhd and CVC Capital Partners Asia III Ltd.
QSR said on Monday, Nov 29 it had decided to reject the offer, though it was higher than Idaman’s original offer of RM5.61.
Earlier Monday, KUB said it was collaborating with Idaman Saga Sdn Bhd – the vehicle of Tan Sri Halim Saad – and CVC Capital Partners Asia III Ltd to extend a revised proposal to acquire all the business and undertakings of QSR and its subsidiaries at an indicative offer price of RM6.70 per share.
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.
Trading of QSR's securities, KFC Holdings Bhd was suspended from 2.30pm Monday until further notice.