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Brazil Fast Food Corp.
BOBS, the
second largest fast-food restaurant chain in Brazil with 1,085 points of
sale, today announced that the investor group (the "Investor Group") has
withdrawn its offer to acquire all outstanding shares of the Company not
owned by the Investor Group. The offer was for US$15.50 per share in
cash under a merger agreement with the Company. That merger agreement
was terminated by the Investor Group this morning following a Company
stockholder meeting at which an insufficient number of stockholders
voted in favor of the proposal.
In its termination letter to the Company, the Investor Group stated, "We
continue to believe that the $15.50 price recommended by the special
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