Fast on the heels of the Idaman bid for QSR, came Carlyle, a private equity fund is offering a whopping RM1.9b for QSR.
Kulim said this private equity firm had offered to acquire QSR Brands for about RM1.94 billion, topping a previous offer from a company linked to tycoon Tan Sri Halim Saad.
Carlyle Asia’s offer of RM6.70 a share for the majority owner of KFC and Pizza Hut in Malaysia is 20 per cent more than Idaman Saga’s offer of RM5.60 a share earlier this week and QSR’s current stock price.
Kulim, which gets about 60 per cent of its profits from its plantations business, holds a 55 per cent stake in QSR Brands.
The sale of QSR Brands will provide a quick injection of about RM1.07 billion for Kulim, which is owned by the debt-laden state investment arm, Johor Corp.
QSR’s sale will automatically trigger a general offer for KFC Holdings, the jewel in QSR’s stable of companies. KFC, the 51 per cent-owned subsidiary of QSR, is the present holder of the Kentucky Fried Chicken franchises in Malaysia and Singapore.
In a statement to the local bourse, Kulim said QSR and its subsidiaries will not raise capital or declare dividend, while Carlyle conducts due diligence on the company.
Carlyle, a US buyout fund with US$90.9 billion (RM281 billion) in assets under management, has been eyeing deals in emerging markets of Asia and Africa.
Earlier this year, it had raised an additional US$2.55 billion for deals in Asia, taking the total of Carlyle capital committed to Asia outside of Japan to more than US$5 billion.
So, is the Colonel crowing for a better price offer apart from these two suitors?
