Zamp, the owner of Burger King in Brazil, said that its board of directors rejected the takeover offer made by Mubadala Capital, an investor affiliated with the Abu Dhabi government, expressing its rejection weeks before shareholders voted on the deal.
Zamp shareholders will decide whether or not to sell its shares in an offering scheduled for September 15, 2022 on the Brazilian Stock Exchange (B3), CNBC Arabia reported.
Zamp is the main franchisee of the BURGER KING brand in Brazil, where it operates approximately 850 stores.
In early August, Mubadala launched an offer to buy 45.15% of Zamp at a price of 7.55 Brazilian riyals per share, which would increase its stake in the company to 50.1%.
Zamp said in regulatory documents that it had hired investment bank BTG Pactual as its financial advisor on the deal, which confirmed that the fair price is in the range of 9.96 to 13.47 riyals per share.
She added that the company's board of directors expresses an opinion opposing the shareholders' acceptance of the offer.
