THE BUZZ
On 18 May 2012, KFC announced on Bursa Malaysia that it had
entered into a Business Sale Agreement (BSA) and Property Sale Agreements with
Triple Platform SB (TPSB), a wholly-owned subsidiary of Massive Equity SB
(MESB) in relation to the Proposed KFC Disposal. The disposal consideration was
determined based on the offer price of RM4/share and RM1/warrant. Upon
completion, KFC will undertake to return the cash proceeds arising from the
disposal to shareholders and warrant holders via a
capital repayment exercise and warrant scheme respectively.
OUR TAKE
Sealing the deal. The disposal of the entire business and
undertaking, including all the assets and liabilities of KFC to TPSB at an
aggregate cash consideration of RM4/share and RM1/warrant, will amount to RM3.2bn. TPSB is a
wholly-owned subsidiary of MESB. The ultimate offerors for the KFC offer are
Johor Corp (JCorp), the Employees Provident Fund (EPF) and CVC Capital Partners
(CVC). On 14 Dec 2011, MESB proposed to buyout KFC at RM4/share and
RM1/warrant.
Source: OSK
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