Kulim, QSR reject offersKUALA LUMPUR, Nov 29 — Kulim Malaysia Bhd has rejected the offer from US-based private equity firm Carlyle Asia Investment Advisors Ltd to acquire its stake in QSR Brands Bhd for RM6.70 per share.
In a statement today, Kulim said its board of directors had deliberated on the offer and unanimously resolved to reject the offer in view of the group’s current business strategy moving forward.
“The board views the businesses of QSR and its subsidiaries as part of the key entities within the Kulim group.
“As QSR and subsidiaries are currently experiencing robust growth, the board believes that more value can be realised in the long term and therefore the companies should be retained within the group,” it said.
Meanwhile, QSR also rejected the revised takeover offer for all its business and undertakings at RM6.70 per share.
The revised proposal was extended by Idaman Saga Sdn Bhd today in collaboration with KUB Malaysia Bhd and CVC Capital Partners Asia III Ltd.
Idaman Saga — the vehicle of Tan Sri Halim Saad — had on November 25 made an offer to buy all the assets and liabilities of QSR at RM5.60 per share. — Bernama
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