KFC, QSR accept MESB's takeover offer

The board of directors for KFC Holdings (Malaysia) Bhd and QSR Brands
Bhd have agreed to accept the offer made by Massive Equity Sdn Bhd
(MESB) to acquire the entire business and undertakings of KFC and QSR
companies including all assets and liabilities.

In a filing to
Bursa Malaysia today, the company said the aggregate cash consideration
for the acquisition was equivalent to RM6.80 per ordinary share of
RM1.00 each and RM3.79 per warrant held in QSR.

Meanwhile, MESB would acquire KFC at RM4.00 per ordinary share of RM0.50 each and RM1.00 per warrant.

"These would be multiplied by the total outstanding QSR and KFC shares and warrants in issue at a date to be determined later.
"The board also does not intend to seek any alternative bids," it added.






MESB is a special purpose vehicle jointly owned by Johor Corporation
(JCorp) with CVC Capital Partners. Following this related party
transaction, JCorp which already has a 17 per cent interest in KFC and
33 per cent in QSR had, will raise its economic interest in KFC to 51
per cent, while in QSR it will also increase it to 51 per cent.

Jcorp said the KFC and QSR businesses would be merged into an enlarged regional food retailing business. -- Bernama