Article author:
The Canadian Press
Montreal — MTY Food Group Inc. is owned by BBQ Holdings Inc. entered into a definitive merger agreement with .
Restaurant operators and franchisors, such as Baton Rouge Steakhouse and Bar, Big Smoke Burger and Manchu Wok, will sell all of BBQ Holdings' outstanding common shares at US$17.25 per share. The total transaction value, including BBQ Holdings' net debt, is approximately US$200 million.
MTY said that once the transaction is completed, BBQ Holdings will become a subsidiary of the company and its shares will be delisted from his NASDAQ.
BBQ Holdings is a franchisor and operator of casual dining restaurants across 37 states in the United States, Canada and the United Arab Emirates.
The terms of the agreement were unanimously approved by the boards of directors of both companies.
This transaction is subject to customary closing conditions, including receipt of applicable regulatory approvals.
This Canadian Press report was first published on August 9, 2022.
Companies featured in this article: (TSX:MTY)
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