• Max’s Group to buy rest of Pancake House shares

    0

    MAX’S Group is buying as much as 60.37 million Pancake House common shares held by the minority shareholders for P15 a share.

    The Pancake House Inc. disclosed to the Philippine Stock Exchange that Max’s Group is purchasing these shares via tender offer.

    The amount of the shares that will be acquired by Max’s Group, which is valued at P3.9 billion, represents 23.29 percent of PHI’s total outstanding capital.

    Specifically, the companies under Max’s Group involved in the
    transaction are Max’s Kitchen, Inc., Chicken’s R Us, Inc., Max’s
    Express Restaurants, Inc., Square Top, Inc. No Bia, Inc., Max’s
    Bakeshop, Inc., The Real American Doughnot Company, Inc., Room Ventures Corp., Trota Giminez Realty Corp., and MGOC Holdings, Inc.

    The tender offer will be held January 20, 2014 until February 17, 2014, while the settlement date is no later than February 28.

    PHI has already set the stage for the backdoor listing of Max’s
    restaurant group as early as late December 2013.

    A previous filing showed that Pancake House Holdings Inc, the principal shareholder of PHI, has agreed to sell to the Max’s Group of Companies all of its shares in Pancake House at a price of P15 per share or close to P3.9-billion total including tender offer.

    As a condition to its acquisition, the Max’s Group said it would commence the aforementioned tender offer to acquire up to 100 percent of PHI’s shares to PHHI.

    Share.
    loading...
    Loading...

    Please follow our commenting guidelines.

    Comments are closed.