JFC’s bid to acquire Britain’s sandwich shop chain remain unconfirmed
Whether or not the country’s largest fast-food chain Jollibee Foods Corp. (JFC) is really gearing for another major international acquisition, this time in the United Kingdom, has remained unconfirmed.
A Reuters report showed that JFC is now exploring a bid for Britain’s Pret A Manger.
Pret, according to the report, has built its reputation selling organic coffee and wholesome sandwiches to office workers in Britain and in cities like Hong Kong and New York.
“The sources said Jollibee’s offer could value Pret at over $1 billion, based on its 2016 core earnings of just over 93 million pounds,” the report said.
In a disclosure to the Philippine Stock Exchange, JFC neither confirmed or denied the issue.
“Acquisition of new businesses has always been part of our growth strategy. JFC keeps looking for opportunities for new business acquisitions as a matter of on-going practice. Very selected companies reach completion of acquisition while the vast majority of potential targets does not,” JFC Chief Financial Officer Ysmael Baysa said.
“With respect to recent months, JFC has not given a bid for acquisition to any company either formal or informal. We do not mention the name of any company as a matter of policy,” he added.