Private equity firm Aureos Capital has agreed to sell its 21.3 percent interest in Philippines-listed restaurant chain Pancake House to restaurant conglomerate Max’s Group of Companies. The transaction will be structured through Aureos Southeast Asia Fund and Aureos Malaysia Fund. Max’s Group will also acquire a 55.4 percent stake in the restaurant chain from Pancake House Holdings, the majority shareholder of Pancake House owned by businessman Martin Lorenzo, and has filed a tender offer to acquire the remaining 23.4 percent interest, owned by minority shareholders. At an offer price of PHP15 (approximately US$0.33) per share, the transaction is worth PHP2.98 billion (approximately US$66 million), and assuming all minority shareholders tender their shares, Max’s Group will spend another PHP905 million (approximately US$20 million) to acquire the company's public stocks.