23/10/2014 03:49:51 Free Membership Login

QSR Brands' Shareholders Approve Buyout Offer From Johor Corp, CVC Capital

Date : 11/06/2012 @ 5:10PM
Source : Dow Jones News
Stock : Yum! Brands, Inc. (YUM)
Quote : 69.13  -0.66 (-0.95%) @ 3:09AM
Yum share price Chart

QSR Brands' Shareholders Approve Buyout Offer From Johor Corp, CVC Capital

Yum (NYSE:YUM)
Historical Stock Chart

2 Years : From Oct 2012 to Oct 2014

Click Here for more Yum Charts.
   By Jason Ng 
 

KUALA LUMPUR--QSR Brands Bhd (9415.KU), one of the two targets of a $1.71 billion buyout by a group led by private equity firm CVC Capital Partners, said Tuesday that more than 98% of its shareholders have voted in favor of the sale.

Massive Equity Sdn Bhd., a company jointly owned by the two companies' major shareholders-- Johor Corp. and CVC Capital Partners Asia III Ltd.--offered MYR6.80 per share to shareholders of QSR Brands for its businesses, including all assets and liabilities. The consortium has also offered KFC Holdings (Malaysia) Bhd (3492.KU) MYR4.00 a share.

Shareholders of KFC Holdings had also approved the buyout offer, with over 99% voting to support the deal in an extraordinary general meeting Monday.

A takeover of QSR and its subsidiary KFC will allow the potential buyers control over one of the largest fast-food chains in the country with more 980 outlets in Malaysia, Singapore, Brunei, Cambodia and India.

Reuters reported Nov. 2 that two shareholders representing about 5% in KFC Holdings and 3% in QSR planned to vote against the deal.

Following the shareholders' approval, the consortium will seek court approval for a capital repayment exercise, said a person familiar with the exercise who declined to be identified, adding that he expects the exercise to be completed by the end of this year.

QSR held a 50.73% stake in KFC Holdings as of March 11, according to its annual report. Johor Corp. holds 54.25% in Kulim (Malaysia) Bhd (2003.KU), which in turn controls more than a 50% stake in QSR.

Kulim had rejected an offer from the Malay Chamber of Commerce to buy its stake in QSR Brands in January. In November 2010, Kulim also rejected offers for both KFC and QSR from U.S.-based Carlyle Asia Investment Advisors Ltd. as well as a buyout offer from Idaman Saga Sdn. Bhd., which is controlled by Malaysian businessman Halim Saad.

Write To Jason Ng at jason.ng@dowjones.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires




Your Recent History
LSE
GKP
Gulf Keyst..
LSE
QPP
Quindell
FTSE
UKX
FTSE 100
LSE
IOF
Iofina
FX
GBPUSD
UK Sterlin..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.

NYSE and AMEX quotes are delayed by at least 20 minutes.
All other quotes are delayed by at least 15 minutes unless otherwise stated.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

1 site:2 in 141023 03:49