UK/USA: Diageo in exclusive talks with TPG on Burger King sale
UK drinks giant Diageo is in exclusive talks with Texas Pacific Group (TPG) on the sale of its US fastfood business Burger King (BK), after two other bidders refused to raise their offers. Bloomberg reported this morning that TPG has offered more than the US$2.1bn put in by other bidders. Some market watchers have suggested that it offered US$2.3bn (7x EBITDA). This news comes just one week after the reports in the US press revealed that Diageo had turned down offers from all three suitors.
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