Key Developments: Brazil Fast Food Corp (BOBS.PK)

BOBS.PK on OTC Markets Group

14.00USD
24 Dec 2014
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Latest Key Developments (Source: Significant Developments)

Investor Group Withdraws Offer to Purchase Brazil Fast Food Corp
Wednesday, 20 Nov 2013 09:17am EST 

Brazil Fast Food Corp announced that the investor group (the Investor Group) has withdrawn its offer to acquire all outstanding shares of the Company not owned by the Investor Group. The offer was for USD15.50 per share in cash under a merger agreement with the Company. That merger agreement was terminated by the Investor Group this morning following a Company stockholder meeting at which an insufficient number of stockholders voted in favor of the proposal. No breakup fee is to be paid in connection with the termination of the proposal.  Full Article

Brazil Fast Food Corp Proposes To Be Acquired
Friday, 27 Sep 2013 09:26am EDT 

Brazil Fast Food Corp. (the Company), announced that its entry into a definitive merger agreement pursuant to which Ricardo Figueiredo Bomeny, its Chief Executive Officer, and certain other shareholders (collectively, the "Investor Group") representing approximately 74% of the Company's outstanding shares, propose to acquire all outstanding shares of the Company at a price of USD15.50 in cash per share, or a total equity value of approximately USD32,556,045. Under the terms of the merger agreement, Company stockholders would receive USD15.50 in cash for each outstanding share of Company common stock they own. The merger, which is expected to close during the fourth quarter of 2013, requires the approval of the majority of the non-controlling stockholders who vote on the merger agreement. The transaction is not contingent on any financing. The transaction is subject to other customary conditions, in addition to the stockholder approval described above. If the Company terminates the merger agreement because the Company's Board of Directors authorizes entering into an Alternative Acquisition Agreement (as defined in the merger agreement), or if the Investor Group terminates the merger agreement because the Company's Board of Directors changes its recommendation of the Investor Group's offer, the Company must pay the Investor Group a USD1 million termination fee.  Full Article

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