November 9, 2018 / 12:17 AM / a month ago

Brazilian caterer plans new bid for rival IMC -report

SAO PAULO, Nov 8 (Reuters) - Brazilian caterer Sapore SA is planning to raise debt to finance a new takeover bid for Brazilian restaurant operator International Meal Company Alimentacao SA, known as IMC, newspaper Valor Economico reported on Thursday.

Unlisted Sapore could raise up to 550 million reais ($146 million) to finance the bid for IMC, which owns fast-food brand Frango Assado and fast-casual restaurant chain Viena, the report said, citing people with knowledge of the matter.

A previous offer by Sapore was rejected by IMC’s board in September after disagreements in the auditing phase of the deal. At the time, Sapore proposed to buy 25 percent of IMC’s outstanding shares at 9.30 reais apiece.

The new offer would see Sapore buying up to 42 percent of IMC’s capital at a price of up to 8.50 reais per share, the paper said. It would then propose merging the two companies, it said.

One source with knowledge of the matter said the disagreements in the previous deal were over the amount of tax credits held by Sapore.

The source, who asked for anonymity as the talks were private, said Sapore had been discussing a potential initial public offering with investment banks.

Sapore and IMC did not immediately comment. ($1 = 3.7604 Brazilian reais) (Reporting by Tatiana Bautzer, Editing by Rosalba O’Brien)

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