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BusinessQuiet 8d · day 9

Foodtastic launches C$1 billion hostile bid for MTY Food Group

Canadian restaurant operator Foodtastic offers C$43 per share after two rebuffed approaches, as MTY replaces its CEO.

newest coverage 8d agosummary written 8d ago8 pieces NewswiresMastodonGoogle News

What to know

  • Foodtastic, a Canadian restaurant operator, bid C$1 billion (C$43/share, 32% premium) for MTY Food Group after two rebuffed approaches, signaling possible alternative paths if talks stall.
  • MTY's board had just completed a strategic review in late October recommending independence, with plans to raise dividends 35–50% and refocus on pure franchising.
  • MTY abruptly replaced CEO Eric Lefebvre with board director Victor E. Mandel effective immediately, amid the hostile bid.
  • Foodtastic controls 1,200 locations including Freshii and Milestones; MTY manages 80+ brands including Cold Stone Creamery, Wetzel's Pretzels, and Thai Express.

Foodtastic Inc. Acquiring companyPeter Mammas Foodtastic CEOMTY Food Group Inc. Target companyVictor E. Mandel MTY board director / new CEOEric Lefebvre Former MTY CEO

Foodtastic launches C$1 billion hostile bid for MTY Food Group
Investing.com News

How it unfolded 2 developments, newest first · click a bar or a number to jump articlesposts

Peak 5 pieces in two hours at Nov 3, 7 AM; 8 pieces over 9 days (6 articles · 2 posts) Nov 3, 7 AM — 5 pieces · 4 articles · 1 post — Newswires 2, Google News 2, Mastodon 1Nov 3, 9 AM — quietNov 3, 11 AM — 2 pieces · 1 article · 1 post — Google News 1, Mastodon 1Nov 3, 1 PM — 1 piece · 1 article — Google News 1Nov 3, 3 PM — quietNov 3, 5 PM — quietNov 3, 7 PM — quietNov 3, 9 PM — quietNov 3, 11 PM — quietNov 4, 1 AM — quietNov 4, 3 AM — quietNov 4, 5 AM — quietNov 4, 7 AM — quietNov 4, 9 AM — quietNov 4, 11 AM — quietNov 4, 1 PM — quietNov 4, 3 PM — quietNov 4, 5 PM — quietNov 4, 7 PM — quietNov 4, 9 PM — quietNov 4, 11 PM — quietNov 5, 1 AM — quietNov 5, 3 AM — quietNov 5, 5 AM — quietNov 5, 7 AM — quietNov 5, 9 AM — quietNov 5, 11 AM — quietNov 5, 1 PM — quietNov 5, 3 PM — quietNov 5, 5 PM — quietNov 5, 7 PM — quietNov 5, 9 PM — quietNov 5, 11 PM — quietNov 6, 1 AM — quietNov 6, 3 AM — quietNov 6, 5 AM — quietNov 6, 7 AM — quietNov 6, 9 AM — quietNov 6, 11 AM — quietNov 6, 1 PM — quietNov 6, 3 PM — quietNov 6, 5 PM — quietNov 6, 7 PM — quietNov 6, 9 PM — quietNov 6, 11 PM — quietNov 7, 1 AM — quietNov 7, 3 AM — quietNov 7, 5 AM — quietNov 7, 7 AM — quietNov 7, 9 AM — quietNov 7, 11 AM — quietNov 7, 1 PM — quietNov 7, 3 PM — quietNov 7, 5 PM — quietNov 7, 7 PM — quietNov 7, 9 PM — quietNov 7, 11 PM — quietNov 8, 1 AM — quietNov 8, 3 AM — quietNov 8, 5 AM — quietNov 8, 7 AM — quietNov 8, 9 AM — quietNov 8, 11 AM — quietNov 8, 1 PM — quietNov 8, 3 PM — quietNov 8, 5 PM — quietNov 8, 7 PM — quietNov 8, 9 PM — quietNov 8, 11 PM — quietNov 9, 1 AM — quietNov 9, 3 AM — quietNov 9, 5 AM — quietNov 9, 7 AM — quietNov 9, 9 AM — quietNov 9, 11 AM — quietNov 9, 1 PM — quietNov 9, 3 PM — quietNov 9, 5 PM — quietNov 9, 7 PM — quietNov 9, 9 PM — quietNov 9, 11 PM — quietYesterday, 1 AM — quietYesterday, 3 AM — quietYesterday, 5 AM — quietYesterday, 7 AM — quietYesterday, 9 AM — quietYesterday, 11 AM — quietYesterday, 1 PM — quietYesterday, 3 PM — quietYesterday, 5 PM — quietYesterday, 7 PM — quietYesterday, 9 PM — quietYesterday, 11 PM — quietToday, 1 AM — quietToday, 3 AM — quietToday, 5 AM — quietToday, 7 AM — quietToday, 9 AM — quietToday, 11 AM — quietToday, 1 PM — quietToday, 3 PM — quietToday, 5 PM — quietToday, 7 PM — quiet 1–2
Nov 4Nov 5Nov 6Nov 7Nov 8Nov 9yesterdaynow · 9:50 PM ET
  1. 2

    Foodtastic signals alternative paths if negotiations stall

    Foodtastic expresses disappointment over the lack of dialogue with MTY and pitches the takeover directly to investors, signaling it may explore alternative paths if negotiations remain stalled. Financing is contingent upon gaining access to MTY's financial records for due diligence.

    “MTY is a great company with excellent opportunities, but it has unfortunately not lived up to its full potential in recent years.”
    — Peter Mammas, Foodtastic CEO · source
  2. 1

    Foodtastic launches unsolicited C$1 billion bid for MTY

    Foodtastic makes an unsolicited all-cash offer of C$43 per share to acquire MTY Food Group, valuing the company at approximately C$1 billion (C$1.5 billion enterprise value including debt), a 32% premium over MTY's Oct. 30 closing price. The bid follows two rejected approaches over the past month.

    1. 1 outlet Foodtastic proposes C$1 billion MTY takeover after rebuffed approaches - Bloomberg

      first by Investing.com News, 8d ago

    2. 1 outlet Foodtastic is making an unsolicited bid of about $720 million for MTY Food Group

      first by Quartz, 8d ago

  3. background

    MTY replaces CEO Eric Lefebvre with Victor E. Mandel — MTY announces an abrupt leadership change, with board director Victor E. Mandel replacing Chief Executive Officer Eric Lefebvre, effective immediately.

  4. background

    Foodtastic makes first unsolicited approach to MTY — Foodtastic, led by CEO Peter Mammas, makes an initial unsolicited approach to MTY over the course of approximately one month, which is rebuffed without substantive talks.

  5. background

    MTY completes strategic review, rejects sale — MTY's board concludes a formal strategic review and decides against selling the business or its assets, announcing plans to raise its dividend by 35% to 50 Canadian cents and restart share repurchases while pivoting toward pure franchising.

Also covered reported alongside — the timeline has no entry for these yet

  1. 4 outlets Small caps to watch: Foodtastic launches hostile takeover bid for MTY Food Group; Organigram to buy Aurora Cannabis

    first by The Globe and Mail, 8d ago · also Yahoo! Finance Canada, CBC, BNN Bloomberg

    1 more headline