Mubadala withdraws bid for Brazilian Burger King owner

Mubadala withdraws bid for Brazilian Burger King owner

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São Paulo (Reuters) – Brazil’s Zamp SA, which owns the Burger King brand in the South American country, said on Friday that Abu Dhabi state investor Mubadala has canceled its tender offer to buy a controlling stake in the company.

Mubadala offered 8.31 riyals ($1.61) per share to buy a 45.15% stake in Zamp but decided to withdraw from the deal, saying it failed to get confirmation on whether the deal would mean the termination of Zamp’s franchise and trademark licensing agreements.

(1 dollar = 5.1670 riyals)

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