KUALA LUMPUR Dec 15 London based CVC
Capital Partners Ltd and Malaysia's investment arm for
the state of Johor have offered 5.24 billion ringgit ($1.65
billion) to buy fastfood chain operators KFC Holdings Bhd
and QSR Brands Bhd, in what could be the
largest foreign private equity linked deal in the country.
Their joint offer of 6.80 ringgit a share for QSR, the owner
of KFC and Pizza Hut in Malaysia, tops an offer by U.S. private
equity firm Carlyle Group at 6.70 ringgit.
The latest offer for QSR's assets and liabilities is CVC's
second attempt after an aborted plan with Malaysian tycoon Halim
Saae to pay 5.60 ringgit per share for the firm and represents a
13 percent premium to QSR's last traded price of 6 ringgit.
State linked Johor Corp, which has an indirect interest in
both KFC and QSR, created the special purpose vehicle with CVC
Capital to also bid for KFC Holdings's assets and liabilities at
4 ringgit per share, which is 17 percent premium to its last
Based on Reuters calculations, the price tags for QSR and
KFC stand at 2.06 billion ringgit and 3.17 billion ringgit
respectively, excluding warrants.
Shares in QSR jumped 8.5 percent on Thursday after the
announcement. KFC shares soared 11.7 percent, outperforming the