JCorp/Kulim/QSR: Doubts are the deadline for the joint takeover of QSR Brands Bhd and KFC by JCorp and CVC Capital Partners Asia will be met. If they cannot get the board to accept the offer and fulfill all of its conditions in one week (deadline Dec 21,2011), they stand to lose the deal. Also interested parties from the previous two bids may decide t o rejoin the bid with possibly higher bids. Tan Sri Halim and The Carlyle Group bid for QSR later 2010, offering rm5.60 and then upping the bid to rm6.70 per share. Both offers were rejected by both Kulim and QSR management. It is just 10 sen separates Carlyle’s and JCorp’s latest offer.
The acquirers need to secure the approval of at least 75% of minority shareholders in order for the deal to materialize. It is believed that the deal is likely to get the nod from KFC’s franchisor, YUM Brands, Inc given that JCorp will still be driving the operations and the offer is fair according to market observers.
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