Zamp, the owner of Burger King in Brazil, rejects the offer of the Emirati exchange | latest news

Zamp, the owner of Burger King in Brazil, said its board of directors opposes the takeover offer made by Mubadala Capital, an investor affiliated with the Abu Dhabi government, rejecting it weeks before shareholders voted on the deal.

Zamp shareholders will decide whether or not to sell its shares in an offering scheduled on September 15 on the Brazilian Stock Exchange (B3).

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 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.”

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