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/C O R R E C T I O N from source -- MTY Food Group Inc./
/C O R R E C T I O N from source -- MTY Food Group Inc./ /C O R R E C T I O N from...
About this update from Mty Food Group Inc.
[{"type":"text","content":"\n\n\n\n\n/C O R R E C T I O N from source -- MTY Food Group Inc./\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\n\n\n\n\n\n/C O R R E C T I O N from source -- MTY Food Group Inc./\nCanada NewsWire\nMONTREAL, July 26, 2016\n\n\n\nIn the news release, MTY Completes the Acquisition of Kahala Brands, Ltd., issued 26-Jul-2016 by MTY Food Group Inc. over CNW and PR Newswire, we are advised by the company that the second paragraph's first sentence should read \" The total consideration for the transaction is approximately US$310 million, including US$240 million cash, and remains subject to post-closing working capital adjustments.\" rather than \" The total consideration for the transaction is US$240 million and remains subject to post-closing working capital adjustments. \" as originally issued inadvertently. The complete, corrected release follows:\n\nMTY Completes the Acquisition of Kahala Brands, Ltd.\n\n\nTSX Trading Symbol: \"MTY\"\n\n\n\nMONTREAL, July 26, 2016 /CNW Telbec/ - MTY Food Group Inc. (\"MTY\" or the \"Company\") (TSX: MTY) announced today that pursuant to the announcement made on May 25, 2016, that it has acquired all of the shares of Kahala Brands, Ltd. (\"Kahala\") (www.kahalabrands.com) pursuant to the merger of one of its wholly-owned subsidiaries with and into Kahala.\n\nThe total consideration for the transaction is approximately US$310 million, including US$240 million cash, and remains subject to post-closing working capital adjustments. Sources of funds include the issuance of 2,253,930 shares of MTY Food Group Inc. to the sellers, C$30 million of MTY's cash on hand and the remainder coming from MTY's new C$325 million credit facilities.\n\nAt closing, Kahala operates 18 brands in 27 countries, totalling approximately 2,800 locations.  The combined entity is expected to produce over C$2 billion annually in system sales generated by approximately 5,500 franchised and corporate locations.\n\n\"This is a turning point in MTY's history\", said Mr. Stanley Ma, CEO of MTY. \"MTY now has a solid, profitable and scalable platform from which to grow i...