Fairfax Financial Holdings Ltd. has proposed the acquisition of Private Recipe Unlimited Corporation, the owner of restaurants such as Swiss Chalet, Harveys and Zakeg.
This transaction will add value to Canada's oldest and largest full-service restaurant chain to approximately $ 1.2 billion.
Fairfax is already the controlling shareholder of Recipe Unlimited and offers $ 20.73 in cash per share for most of the remaining shares. According to the
statement, the offer price represents a 53.4% premium over the closing price of Recipe Unlimited on August 8, 2022.
This transaction requires the approval of most minority shareholders, and Recipe Unlimited will vote in favor of the proposed transaction at the Special Shareholders' Meeting held by the Board of Directors on this issue. He states that he intends to recommend that.
Cara Holdings Ltd. will continue to be an investor in the company after it goes private.