Business
MTY Food Group to Combine with Imvescor Restaurant Group to Create Leading North American Restaurant Franchisor
MTY Food Group to Combine with Imvescor Restaurant Group to Create Leading North American ...
About this update from Mty Food Group Inc.
[{"type":"text","content":"\n\n\n\nMTY Food Group to Combine with Imvescor Restaurant Group to Create Leading North American Restaurant Franchisor\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.prntal{\nTEXT-ALIGN: LEFT\n}\n\n\n\n\n\n\n\nCanada NewsWire\nMONTREAL, Dec. 12, 2017\n\n\n\n/NOT FOR DISTRIBUTION IN THE UNITED STATES/\n\nTransaction Highlights \n\n\nCreates a stronger, more diversified restaurant franchisor with a strong balance sheet and highly scalable portfolio of recognized restaurant brands and concepts\n$4.10 per Imvescor common share, representing a total consideration of approximately $248 million and a premium of 13.3% to Imvescor shareholders based on an unaffected 10-day volume weighted average price of the common shares of Imvescor on October 26, 2017\nOffers Imvescor shareholders immediate value and the opportunity to participate in future upside through an aggregate consideration of approximately 20% in cash and approximately 80% in MTY common shares\nCombined operations of both companies expected to generate approximately $2.9 billion in System Sales and EBITDA expected to be in the range of $125-130 million, including cost and top-line synergies\nImmediately accretive to MTY cash flow and EBITDA and expected to be accretive to earnings as cost and top line synergies are realized\nUnanimous support of the board of directors of both companies; shareholders holding 18% of the issued and outstanding common shares of Imvescor have entered into support and voting agreements\n\n\nMONTREAL, Dec. 12, 2017 /CNW/ - MTY Food Group Inc. (\"MTY\" or the \"Company\") (TSX: MTY) and Imvescor Restaurant Group Inc. (\"Imvescor\") (TSX: IRG) announced today that they have entered into a definitive combination agreement (the \"Agreement\") under which a wholly owned subsidiary of MTY will acquire all of the outstanding Imvescor common shares (the \"Shares\") for $4.10 per Imvescor Share, representing a total consideration of approximately $248 million, subject to customary closing conditions including receipt of regulatory and Imvescor shareholder approvals (the \"Transaction\").\n\nUnder the ter...