June 14, 2018 |
International Meal Company (IMC) said it is still in merger talks with Sapore but has not reached an agreement.
IMC was responding to a report in local daily Folha de S. Paulo that said it had agreed to sell as much as 60% for an undetermined amount. According to Folha, Sapore will take a 35% stake in the new company and then issue a tender offer to buy an additional 25% for BRL9.30 ($2.51) per share.
Shares in IMC reached as high as BRL8.78 after the news broke on Wednesday. They ended the day
Brazilian restaurant operator responds to press reports alleging it agreed to sell up to a 60% stake