(Bloomberg) --

Mubadala Investment Co. raised its takeover offer for ZAMP SA, the operator of Burger King and Popeyes restaurants in Brazil, after its initial bid faced resistance from the board and key shareholders. 

The Abu Dhabi sovereign wealth fund’s unit MC Brazil F&B Participações SA is now proposing a tender offer to acquire 45.15% of the firm’s shares at 8.31 reais ($1.62) apiece, compared to the original offer of 7.55 reais, according to a regulatory filing Monday. That implies a 7.6% premium to Friday’s close. ZAMP was until recently known as BK Brasil Operação e Assessoria a Restaurantes SA.

Holders including Atmos Capital, Mar Asset Management and Vista Capital had rejected the first offer, saying they had no interest in accepting the acquisition under the proposed terms. The company’s board also voted against the proposal. 

Restaurant Brands International Inc., in which the billionaire trio behind 3G Capital Inc. owns a stake, holds an indirect stake in ZAMP. JPMorgan Chase & Co. is acting as Mubadala’s financial advisor.

Shares in ZAMP were up 3.6% in Sao Paulo at 11:30 a.m. local time Monday, compared to a 1.4% gain for the Ibovespa stock gauge. 

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