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Billionaire Jollibee Founder’s Net Worth Falls $200 Million After News Of Coffee Chain Acquisition

From: forbes.com

Philippine billionaire Tony Tan Caktiong took another step toward globalizing his Manila-based restaurant operator—and shareholders were not happy.On Wednesday, the share price of the largest restaurant operator in the Philippines, Jollibee Food Corporation, dropped more in one day than it has in two years. The nearly 8% fall came after the company announced it would spend $350 million to buy Los Angeles-based Coffee Bean & Tea Leaf, a struggling coffee chain with about 1,200 locations in 27 countries.

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