September 18, 2018 / 11:08 AM / a month ago

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Sept 18 (Reuters) - The board of Brazilian restaurant operator International Meal Company Alimentacao SA (IMC) has rescinded its approval of a tie-up with competitor Sapore SA after disagreements arose in the auditing phase of the deal, IMC said on Monday.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

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