Philippines-based Jollibee Foods Corp is reportedly exploring a bid for UK-based Pret A Manger, with a possible $1bn-plus price tag, according to Reuters.
The fast food group, known for its sweet-style spaghetti, fried chicken and burgers, seems an unlikely buyer for the upmarket sandwich chain, which sells organic coffee and wholesome sandwiches and snacks.
Jollibee had been in discussions with an advisor over an offer for Pret, Reutors' sources said, and that the offer could value Pret at over $1bn based on its 2016 core earnings of just over £93m.
A successful bid by Jollibee would mark the largest overseas deals to date by the Flipino company, and potentially one of the largest ever outbound deals from the Philippines.
Jollibee, with a market value of $5.2bn, operates the largest fast food chain in the Philippines with 2,700 outlets. The firm has also been expanding across Southeast Asia and beyond.
Launched in 1986, Pret A Manger operates almost 450 stores worldwide, with over 320 in the UK. The group opened 50 new shops during 2016, including 31 in the UK. The 500th outlet is set to open over the next 12 months.
