Homegrown fast-food giant Jollibee Foods Corp. is considering to bid for UK-based international sandwich chain Pret A Manger, continuing its globalization efforts.
Based on a report from Reuters, JFC had been holding talks with an adviser over a potential offer for Pret A Manager at a valuation of over $1 billion.
When the Philippine Stock Exchange asked JFC to comment on the report, the company’s Ysmael Baysa said: “Acquisition of new businesses has always been a part of our growth strategy.
In a disclosure on Tuesday, Baysa said JFC kept on looking for opportunities for new business acquisitions as a matter of on-going practice.
“Very few selected companies reach a completion of acquisition while the vast majority of potential targets does not,” Baysa said.
“With respect to recent months, JFC has not given a bid for acquisition to any company, either formal or informal.”
The report said Pret operated a chain of more than 400 shops worldwide.