Ibersol rejects €230M Burger King offer

Ibersol has informed the Portuguese stock market commission CMVM that it has received a binding offer to acquire its Burger King restaurants which it has rejected under the current terms.

“After a preliminary analysis of a binding offer, the Board of Directors of Ibersol SGPS has decided to communicate to Restaurant Brands Iberia (RBI) “its disagreement in relation to adjustments referred, offering RBI the opportunity to review the terms and conditions of the Binding Offer by 10 June”.
Ibersol received the Binding Offer from RBI to buy the restaurants under the Burger King brand in Portugal and Spain on 3 June, which would result in RBI purchasing the companies Iber King – Restauração and Lurca.
The original offer based on the “Enterprise Value of €250 million on a cash and debt-free basis was €212 million, plus €7.3 million in tax credits and €3 million of investment in two additional restaurants opened in 2022”, states Ibersol.
The Biding Offer also “foresees an acquisition proposal by RBI for €8 million to buy five property assets which had not previously been included within the potential transaction”.
All in all, the Spanish offer amounts to €230 million, below the €250 million originally presented. Ibersol has rejected the offer giving RBI until 10 June to review the terms.
Ibersol and Restaurant Brands Iberia (RBI), had extended the period of negotiations for the sale of 119 Burger King brand restaurants which Ibersol has in Portugal, to 31 May.