Maxs Kitchen Inc. (controlled by the Fuentebella family); Chickens R Us Inc. (mostly owned by the Trota family); Maxs Express Restaurants Inc., Square Top Inc., No Bia Inc., Maxs Bakeshop Inc., The Real American Doughnut Co. Inc., Room Ventures Corp., Trota Gimenez Realty Corp. and MGOC Holdings made an offer to acquire 16.38% stake in Pancake House, Inc. for approximately PHP 580 million.
January 17, 2014 at 04:00 am
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Max's Kitchen Inc. (controlled by the Fuentebella family); Chickens R Us Inc. (mostly owned by the Trota family); Max's Express Restaurants Inc., Square Top Inc., No Bia Inc., Max's Bakeshop Inc., The Real American Doughnut Co. Inc., Room Ventures Corp., Trota Gimenez Realty Corp. and MGOC Holdings made an offer to acquire 16.38% stake in Pancake House, Inc. (PSE:PCKH) for approximately PHP 580 million in cash on January 8, 2014.
Max's Restaurant offered to acquire 38.95 million shares of Pancake House for PHP 15 per share. On December 20, 2013, the buyers entered into 2 agreements to acquire 198.84 million shares in Pancake House. Upon completion of the agreements and the tender offer, the buyers will collectively hold 100% stake in Pancake House.
To finance the offer, the buyers have obtained credit facilities of PHP 905.54 million from the Bank of the Philippines Island. The tender offer period is from January 20, 2014, to February 17, 2014. The settlement date is no later than February 28, 2014.
The buyers intend to keep Pancake House listed with the Philippines Stock Exchange. The Board of Directors of Pancake House will be replaced with nominees of the buyers. Diane S. Yap of Navarro Amper & Co., Investment Banking Arm acted as fairness opinion provider to the buyers.
Diosdado Salang Jr. and Georgina Rodriguez of BPI Securities Corp. acted as the tender offer agent.
Maxâs Group, Inc. is a Philippines-based company, which is primarily engaged in the business of catering food and establishing, operating, and maintaining restaurants, coffee shops, refreshments parlors and cocktail lounges. The Companyâs segment includes food service, commissary, and support services. The food service segment is involved in the operation and preparation of food products to be sold to franchised stores. The commissary segment is involved in the manufacture and wholesale of food products sold to external and related party customers. The support services segment is involved in providing various services mainly to the Company's independent franchisees and related parties. The Company operates under the trade names Maxâs or Maxâs Restaurant, Pancake House, Yellow Cab, Krispy Kreme, Jamba Juice, Maxâs Corner Bakeshop, Dencioâs, Maxâs Kabisera, Teriyaki Boy, Singkit, Sizzlinâ Steak, Le Coeur de France, and Maple.
Max’s Kitchen Inc. (controlled by the Fuentebella family); Chickens ‘R Us Inc. (mostly owned by the Trota family); Max’s Express Restaurants Inc., Square Top Inc., No Bia Inc., Max’s Bakeshop Inc., The Real American Doughnut Co. Inc., Room Ventures Corp., Trota Gimenez Realty Corp. and MGOC Holdings made an offer to acquire 16.38% stake in Pancake House, Inc. for approximately PHP 580 million.