FILIPINO fast-food group Jollibee Foods Corp is reportedly eyeing a potential takeover of British sandwich chain Pret A Manger that could value the UK company at more than $1 billion (£738 million).
The parent company of Jollibee – which is best known for its menu featuring fried chicken, noodles and spaghetti – is said to be discussing a potential deal with an adviser, though the talks are not yet public.
The Filipino company’s offer would value Pret at more than $1bn, according to Reuters, which first reported the story, citing unnamed sources.
A possible takeover of Pret A Manger – which is owned by private equity firm Bridgepoint – would expand the global reach of Jollibee Foods Corp, which has a market value of 263bn Philippine pesos (£3.79bn).
The Filipino chain currently operates in countries including the US, Kuwait, Singapore and Hong Kong, according to its website.
A spokeswoman for Pret said the company was “unable to comment on market rumours”.
The news comes just months after reports broke saying that Pret was gearing up for a potential US stock market listing.
It is understood the US was being favoured over Britain because it is a key future growth market for Pret, and a listing in the country would raise the chain’s profile.
However, it is thought that Bridgepoint, which bought Pret for €500m in 2008, would sell off only a portion of the company.
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