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MTY FOOD GROUP INC. TO ACQUIRE BBQ HOLDINGS, INC. FOR $17.25 PER SHARE
MTY FOOD GROUP INC. TO ACQUIRE BBQ HOLDINGS, INC. FOR $17.25 PER SHARE Canada N...
About this update from Mty Food Group Inc.
[{"type":"text","content":"\n \n \n \n MTY FOOD GROUP INC. TO ACQUIRE BBQ HOLDINGS, INC. FOR $17.25 PER SHARE\n \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 Canada NewsWire\n \n \n \n \n \n \n MONTREAL\n \n \n ,\n \n \n Aug. 9, 2022\n \n \n /CNW Telbec/ - MTY Food Group Inc. (\"MTY\" or the \"Company\") (TSX: MTY) and BBQ Holdings, Inc. (\"BBQ Holdings\") (NASDAQ: BBQ) today announced they have entered into a definitive merger agreement (the \"Merger Agreement\") under which MTY would acquire all of the issued and outstanding common shares of BBQ Holdings for cash consideration of\n \n US$17\n \n .25 per BBQ Holdings share representing total transaction value of approximately US$200 million (\n \n C$257 million\n \n ) (the \"Transaction\"), including BBQ Holdings' net debt. The terms and conditions of the Merger Agreement were unanimously approved by the Boards of Directors of both companies. The Transaction is subject to customary closing conditions including receipt of applicable regulatory approvals. Upon completion of the Transaction, BBQ Holdings will become a subsidiary of MTY and the shares of BBQ Holdings will be de-listed from NASDAQ.\n \n \n BBQ Holdings is a franchisor and operator of casual and fast casual dining restaurants across 37 states in the U.S.,\n \n Canada\n \n , and\n \n United Arab Emirates\n \n . Its flagship restaurant brands operate under the \"Famous Dave's\", \"Village Inn\", \"Barrio Queen\", and \"Granite City\", banners. As of\n \n August 8, 2022\n \n , BBQ Holdings operates over 200 franchised and over 100 corporate-owned restaurants. For the 2022 fiscal year ending\n \n January 1, 2023\n \n , and as publicly disclosed by BBQ Holdings, the company is expected to generate twelve-month run-rate system sales and cash EBITDA between\n \n US$685M\n \n to\n \n US$725M\n \n and\n \n US$25.5M\n \n and\n \n US$27.5M\n \n , respectively.\n \n \n MTY is a leading franchisor in the North American restaurant industry. As of\n \n May 31, 2022\n \n , its network had 6,660 locations in operation, 99% of which are franchised. The Company established its ...