Foodtastic has made a takeover offer for MTY Food Group valued at about $982 million, while MTY named Victor Mandel as chief executive effective immediately.
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Restaurant franchisor Foodtastic Inc. says it has made a takeover offer for MTY Food Group Inc. valued at about $982 million.
Under the proposal, Foodtastic would offer $43 per MTY share in cash. MTY shares closed at $32.75 on the Toronto Stock Exchange on Monday.
Foodtastic said it first made its offer to MTY last month but was rebuffed, so it is making its proposal public now.
MTY announced alongside the bid that Victor Mandel, a member of the company’s board, has been named chief executive effective immediately, replacing Eric Lefebvre.
Foodtastic CEO Peter Mammas said MTY is a great company with excellent opportunities, but it “has unfortunately not lived up to its full potential in recent years.”
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