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Foodtastic Makes Takeover Offer for MTY Food Group; MTY Replaces CEO
The unsolicited bid follows MTY’s strategic review and would value the franchisor at about C$1.5 billion including debt, Bloomberg reported.
- On Tuesday, MTY Food Group Inc. shares were halted after Montreal-based franchisor Foodtastic Inc. launched a hostile takeover bid, offering $43 per share in cash for the restaurant company.
- Foodtastic CEO Peter Mammas stated the company previously communicated proposals on October 15 and 20, 2026, only to be repeatedly rebuffed by MTY, which he claimed has "unfortunately not lived up to its full potential in recent years."
- The bid represents a 32% premium over MTY's October 30 closing price, placing a total valuation of roughly $1.5 billion on the company, which closed at $32.75 per share on Monday.
- Effective Tuesday, director Victor Mandel replaces Eric Lefebvre as chief executive, as Lefebvre leaves the board following a strategic review that resulted in no sale.
- Foodtastic, which operates over 1,200 restaurants, remains confident shareholders will view the proposal as a superior path, while noting MTY has written down $220 million of acquisition value since 2020.
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13 Articles
13 Articles
Foodtastic offered to buy the Montreal franchisor MTY for $43 per share, a bonus of just over 30% compared to the stock value at the beginning of the week.
·Montreal, Canada
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Coverage Details
Total News Sources13
Leaning Left5Leaning Right1Center4Last UpdatedBias Distribution50% Left
Bias Distribution
- 50% of the sources lean Left
50% Left
L 50%
C 40%
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