Max’s Kitchen Inc. (controlled by the Fuentebella family); Chickens ‘R Us Inc. (mostly owned by the Trota family); Max’s Express Restaurants Inc., Square Top Inc., No Bia Inc., Max’s Bakeshop Inc., The Real American Doughnut Co. Inc., Room Ventures Corp., Trota Gimenez Realty Corp. and MGOC Holdings made an offer to acquire 16.38% stake in Pancake House, Inc. for approximately PHP 580 million.

Max's Kitchen Inc. (controlled by the Fuentebella family); Chickens ‘R Us Inc. (mostly owned by the Trota family); Max's Express Restaurants Inc., Square Top Inc., No Bia Inc., Max's Bakeshop Inc., The Real American Doughnut Co. Inc., Room Ventures Corp., Trota Gimenez Realty Corp. and MGOC Holdings made an offer to acquire 16.38% stake in Pancake House, Inc. (PSE:PCKH) for approximately PHP 580 million in cash on January 8, 2014.

Max's Restaurant offered to acquire 38.95 million shares of Pancake House for PHP 15 per share. On December 20, 2013, the buyers entered into 2 agreements to acquire 198.84 million shares in Pancake House. Upon completion of the agreements and the tender offer, the buyers will collectively hold 100% stake in Pancake House.

To finance the offer, the buyers have obtained credit facilities of PHP 905.54 million from the Bank of the Philippines Island. The tender offer period is from January 20, 2014, to February 17, 2014. The settlement date is no later than February 28, 2014.

The buyers intend to keep Pancake House listed with the Philippines Stock Exchange. The Board of Directors of Pancake House will be replaced with nominees of the buyers. Diane S. Yap of Navarro Amper & Co., Investment Banking Arm acted as fairness opinion provider to the buyers.

Diosdado Salang Jr. and Georgina Rodriguez of BPI Securities Corp. acted as the tender offer agent.