International Meal Co rescinds approval of Sapore tie-up, will buy back shares -filing
SAO PAULO, Sept 18 (Reuters) - The board of Brazilian restaurant operator International Meal Company Alimentacao SA (IMC) has rescinded its approval of a tie-up with competitor Sapore SA after disagreements arose in the auditing phase of the deal, IMC said on Monday.
In a securities filing, the firm, which owns fast food brand Frango Assado, also said it had approved a buyback of 13 million shares and a capital reduction of 100 million reais ($24.2 million).
($1 = 4.14 reais) (Reporting by Gram Slattery; Editing by Kevin Liffey)
Terms and Privacy Policy