Foodtastic Inc. has made a cash bid to acquire all outstanding shares of MTY Food Group Inc., offering $43 per share. Outlets report the offer is at a significant premium to MTY’s recent trading levels, with one account citing a 32% premium to the current share price and a 37% premium to the 30-day volume-weighted average price.
Several reports say the bid is unsolicited and follows earlier approaches that were rebuffed, framing the move as a new attempt to win over MTY. Coverage also links the announcement to changes at MTY: at least two outlets state that MTY replaces its CEO, with a board member stepping into the role. Quartz and Bloomberg additionally describe the deal size in approximate terms, putting the offer at about C$720 million (around US$720 million) or a total value figures in the neighbourhood of $982 million, depending on the framing.
Overall, the outlets largely agree on the per-share price, the premium, and the fact that MTY leadership changes are tied to the announcement, while differing on how the offer’s context and total valuation are expressed.
