business
Foodtastic Makes C$982-Million Takeover Offer for MTY Food Group
Foodtastic makes C$982-million takeover offer for MTY Food Group after its earlier approach was rebuffed.
Key points
- Foodtastic is offering $43 per MTY share in cash.
- Foodtastic first made its offer to MTY last month but was rebuffed.
- MTY shares closed at $32.75 on the Toronto Stock Exchange on Monday.
Why it matters. Because Foodtastic has made its proposal public after being rebuffed, MTY shareholders now face a publicly known offer price of $43 per share.
Restaurant franchisor Foodtastic Inc. is offering $43 per share in cash for MTY Food Group Inc., a bid worth about C$982-million. Foodtastic said it first made the offer last month, was rebuffed, and is now making its proposal public. MTY shares closed at $32.75 on the Toronto Stock Exchange on Monday, and the company named board member Victor Mandel chief executive, replacing Eric Lefebvre.
Latest updates
Foodtastic Makes C$982-Million Takeover Offer for MTY Food Group
Foodtastic Inc., a restaurant franchisor led by CEO Peter Mammas, has made a takeover offer for MTY Food Group Inc. The proposal values MTY at about $982 million. The offer coincided with an MTY announcement that board member Victor Mandel has been named chief executive, effective immediately, replacing Eric Lefebvre. The reporting did not detail the offer's per-share price or MTY's board response. Next steps, including whether MTY accepts or rejects the proposal, were not yet reported.