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A Second Leading Independent Proxy Advisory Firm Recommends Approval of Imvescor-MTY Combination
A Second Leading Independent Proxy Advisory Firm Recommends Approval of Imvescor-MTY Combi...
About this update from Mty Food Group Inc.
[{"type":"text","content":"\n\n\n\nA Second Leading Independent Proxy Advisory Firm Recommends Approval of Imvescor-MTY Combination\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prngen2{\nBORDER-BOTTOM:1pt; BORDER-LEFT:1pt; PADDING-LEFT:0.50em; PADDING-RIGHT:0.50em; VERTICAL-ALIGN: BOTTOM; BORDER-TOP:1pt; BORDER-RIGHT:1pt\n}\n.prntblns{\nBORDER-BOTTOM: 1pt; BORDER-LEFT: 1pt; BORDER-COLLAPSE: collapse; BORDER-TOP: 1pt; BORDER-RIGHT: 1pt\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nMONTREAL, Feb. 2, 2018\n\n\n\n/NOT FOR DISTRIBUTION IN THE UNITED STATES/\n\n\n\nMONTREAL, Feb. 2, 2018 /CNW Telbec/ - Imvescor Restaurant Group Inc. (\"IRG\" or the \"Company\") (TSX: IRG) today announced that a second leading independent proxy advisory firm, Glass Lewis & Co. (\"Glass Lewis\"), recommends that shareholders approve the previously announced amalgamation (the \"Amalgamation\") involving the Company and an entity to be incorporated which will be a direct or indirect wholly-owned subsidiary of MTY Food Group Inc. (\"MTY\") (TSX: MTY). Glass Lewis' recommendation follows a similar recommendation from Institutional Shareholder Services (\"ISS\"), as disclosed by the Company on January 29, 2018.\n\nGlass Lewis recommends shareholders vote FOR the Amalgamation resolution, highlighting the following points in its report: \n\n\nThe case for the transaction is both sound and straightforward, and the transaction appears to yield natural synergies, both in terms of streamlined corporate overhead and direct operational efficiencies.\nThe deal-implied trailing EBITDA multiple significantly exceeds the mean and median multiples derived from a review of recent comparable transactions.\nThe proposed transaction follows not one, but two separate publicly announced strategic review efforts, and a further assessment of alternatives performed by the board in consultation with suitable legal and financial advisors.\nThe offer, which was bumped up twice from the initial $3.80 per share bid to $4.10 per share in a cash-and-stock blend, has remained unchallenged over the nearly two-month period since t...