Restaurant operator Foodtastic Inc. has made an offer to acquire Canadian franchisor MTY Food Group Inc. for about C$1 billion, equivalent to roughly US$720 million, according to a letter reviewed by Bloomberg News. The proposal follows two earlier approaches that were rebuffed.
Foodtastic is offering C$43 per share. That price is 32% above MTY’s closing share price on Oct. 30 and values the company at about C$1.5 billion when debt is included.
MTY controls restaurant brands including Cold Stone Creamery, Wetzel’s Pretzels and Thai Express.
Sources: Bloomberg Markets.