Philippine-based Max's Group takes over Pancake House
The Max's Group of Companies has purchased casual dining chain operator Pancake House Inc. The deal sets the stage for Max's entry into local stock market, according to Interaksyon.
Pancake House Holdings Inc (PHHI), Pancake House's principal shareholder, said it will exit 60.37% of its shares to Max's, according to a Philippine Stock Exchange disclosure. The Pancake House shares are priced at PHP15 apiece, the report detailed.
Next month, the Max's Group is launching a tender offer to acquire Pancake House's remaining shares from minority shareholders. The total tender offer values Pancake House, which operates almost 300 outlets across the country, at almost PHP3.9 billion, the report said.
In relation to the sell-off, PHHI chairman Martin Lorenzo said the offer from Max's was just among the many offers the restaurant chain operator received. Another offer from a foreign entity had too many legal obstacles that would have privatized the company, the report stated.
Max Group sought financial advice from BPI Capital Corp for the deal, Interaksyon reported.