Board rejects rival bid for Malaysia’s QSR
Palm oil producer Kulim Malaysia has rejected an offer for its stake in fast food company QSR Brands. Dewan Perniagaan Melayu Malaysia (DPMM) offered to pay MYR6.90 per share for Kulim’s holding, slightly higher than a rival bid by CVC Capital Partners and Malaysian state investment arm Johor Corp., which has already received board approval.
Johor is also Kulim's largest shareholder and as such would not support DPMM's offer, the Kulim board said in a filing with Bursa Malaysia. DPMM describes itself as the country's Malay Chamber of Commerce....
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