KFC MK and QSR MK

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.