Pret a Manger intends to push ahead with its plans for a possible float on the New York Stock Exchange despite speculation a multi-billion-dollar Filipino business is eyeing a takeover bid for the coffee and sandwich chain.
City A.M. understands that Jollibee and Pret have not been in contact with each other on the potential takeover bid.
The offer, first reported by Reuters, would have given Pret a value of $1bn. But it is widely assumed that the company’s value would be higher than this if it floated successfully on the New York Stock Exchange.
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Jollibee, known as “the McDonald’s of the Philippines”, is reported to be looking at opportunities for overseas expansion. It has been in talks with advisors about opportunities, including the possible Pret deal, according to Reuters.
Any potential tie-up would combine two very different food companies. Jollibee is famous in South Asian markets for fast food dishes including burgers and sweet noodles, while Pret a Manger’s range of health-focused salads and sandwiches cater to a different market.
Bridgepoint and Pret a Manger said today that they do not comment on market speculation, while Jollibee could not be reached for comment.
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Last year Pret a Manger made £93m in core earnings, bringing in revenue across over 600 stores.
This follows reports that the sandwich chain is gearing up to float on the New York Stock Exchange.
In May, Bridgepoint hired JP Morgan and Jefferies to explore a possible flotation in America.