Ibersol refused to sell the Burger King units that it operates in Portugal and Spain, it announced in a statement.
“After analysing, together with its financial and legal advisors, the terms of the latest global proposal presented by RBI, in particular with regard to the value proposition and associated conditions, the board of directors, considering the best interests of Ibersol and its interest groups, found that there were no conditions to continue with this process, so it decided not to accept RBI’s offer”, explains the group that operates
Earlier in June, Ibersol had announced that it had received a binding offer from Restaurant Brands Iberia (RBI) to purchase the Burger King restaurants, but had not accepted the terms, later giving the company another 10 days to redo them. . After the deadline, Ibersol rejects the proposal again.
The offer involved a valuation of the Iber King company of 250 million euros, a value that could be reduced to 212 million with a set of adjustments regarding the future evolution of EBITDA and/or the generation of ‘cashflows’, plus 7.3 million euros related to tax credits and three million euros from the investment in two additional restaurants opening in 2022.
Ibersol continues to operate the franchise agreements for around 120 Burger King restaurants owned by Ibersol. This is even after Burger King withdrew from Ibersol the future development of the chain in Portugal and Spain.
Burger King takes away from Ibersol the future development of the chain in Portugal
Source: Observadora
