Max's Group set to acquire 76.71% stake in Pancake House

Max's Group of Companies is buying the 21.33-percent stake in listed restaurant chain Pancake House Inc. held by private equity fund Aureos Group.

 

In a filing with the Securities and Exchange Commission, Maxs Group said it entered into a private agreement with Aureos Southeast Asia Fund, LLC and Aureos Malaysia Fund LLC to acquire its 55.284 million shares in Pancake House, equivalent to 21.33 percent of the company’s outstanding capital stock.

 

Pancake House Holdings Inc., the majority shareholder of Pancake House owned by the businessman Martin Lorenzo, earlier agreed to sell its 144.556 million shares, equivalent to a 55.38-percent stake in the restaurant chain to Max's.

 

With the purchase of Aureos Group's stake in the chain, the Max’s Group will be acquiring a total of 198.841 million shares or 76.71 percent of Pancake House.

 

At an offer price of P15 per share, the transaction is worth P2.98 billion.

 

Max’s Group, on Thursday, also filed a tender offer, in a bid to acquire the remaining 60.396 million shares, a 23.39-percent interest, owned by minority shareholders.

 

Assuming all minority shareholders agree to sell, the Max’s Group will spend another P905 million to acquire the public shares. — JDS, GMA News