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Fairfax proposes to buy a chain that owns Swiss Chalet, Harveys and Zakeg for $ 1.2 billion

Fairfax Financial Holdings Ltd. has proposed to take Recipe Unlimited Corp., which owns restaurants such as Swiss Chalet, Harvey's and The Keg, private.

The deal values ​​Canada's oldest and largest full-service restaurant chain at approximately $1.2 billion.

Fairfax is already the controlling shareholder of Recipe Unlimited, and he is offering $20.73 per share in cash for the majority of the remaining shares.

The offer price represents a 53.4% ​​premium over his Recipe Unlimited closing price on August 8, 2022, according to the statement.

This transaction requires the approval of a majority of minority shareholders and Recipe Unlimited's Board of Directors will vote in favor of the proposed transaction at a special shareholders meeting to be held on this matter. It states that it intends to recommend

Cara Holdings Ltd. will continue as an investor after the company is taken private.