MANILA, Philippines—The Max’s restaurant group has completed its acquisition of a controlling stake in Pancake House.
After a tender offer to minority shareholders, Max’s ended with 89.95 percent control of Pancake House, leaving enough public float to comply with the minimum public ownership of 10 percent required to remain listed on the Philippine Stock Exchange.
As the buyout deal offered by the Max’s group valued all of Pancake House at P3.9 billion, its acquisition of 89.95 percent of the restaurant chain cost an estimated P3.5 billion.
In a disclosure to the Philippine Stock Exchange on Tuesday, the Max’s group completed a tender offer for publicly held shares in Pancake House, resulting in the purchase of all 39.98 million shares that were tendered by the public shareholders. At the same time, the Max’s group also completed an acquisition of 193.18 million shares from the Lorenzo group, the former controlling shareholder of Pancake House.
The tender offer was in compliance with corporate regulations after the Max’s Group struck a deal to buy 76.7 percent of Pancake House at P15 per share. Minority shareholders were given the option to sell at the same price.
“The Max’s group is extremely excited about having completed another milestone in the Philippine restaurant industry,” Robert Trota, the new chair of Pancake House, said in a press statement.