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.
