Currently the offer for KFC MK is $4.00 and the offer for QSR Brands is $6.80. Based on the last price of $3.76 and $6.45 it is a premium of 6.38% and 5.42%.
Assuming the deal completes by the end of the year, it equates to IRR of roughly 8% and 6.8% unlevered.
Johor Corp and CVC Capital announced the bid through a special purpose vehicle, Massive Equity Sdn Bhd. Johor Corp will own 51% of equities and the remaining 49% with CVC Capital.
QSR owns 51% of KFC. QSR itself is roughly 54% owned by Kulim (M) Bhd. Johor Corp owns 55.9% of Kulim (M) Bhd.
I have not found any definitive agreement signed between the two parties other than the acceptance to consider the bid by the board.
Keeping on watchlist.
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