November 29, 2010 / 6:37 AM / 9 years ago

UPDATE 1-Idaman ups bid for Malaysia QSR to match Carlyle offer

(Adds details)

KUALA LUMPUR, Nov 29 (Reuters) - Malaysia’s Idaman Saga, a vehicle controlled by tycoon Halim Saad, said on Monday that it had formed a venture with KUB Malaysia and CVC Capital Partners Asia III Limited to match a 6.70 Malaysian ringgit ($2.12) per share bid for QSR from Carlyle Asia.

Idaman had initially bid 5.60 ringgit per share for QSR, the majority owner of the lucrative Kentucky Fried Chicken and Pizza Hut franchise in Malaysia. [ID:nSGE6AO04R]

The Carlyle Asia offer represented the biggest ever potential private equity deal by a foreign investor in Malaysia and valued QSR at 20 times forward earnings.

A buyout of QSR would automatically trigger a general offer for KFC Holdings , the crown jewel in QSR’s stable of companies.

KFC, the 51 percent-owned subsidiary of QSR, owns U.S. based Yum! Brands’ Kentucky Fried Chicken franchises in Malaysia and Singapore and is expanding in India.

$1 = 3.154 Malaysian Ringgit Created by David Chance, Editing by Liau Y-Sing

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