MTY Food Group signs understanding to buy Imvescor Restaurant Group for $248 million

Restaurant user MTY Food Group Inc. has sealed a understanding to buy Imvescor Restaurant Group Inc. in a cash-and-stock understanding valued during $248 million.

The multiple will move together such banners as MTY’s Thai Express, Vanellis and Manchu Wok with Imvescor’s Baton Rouge, Pizza Delight and Scores restaurants to emanate a association with a portfolio of over 5,700 stores underneath 75 brands.

Under a deal, MTY will compensate $4.10 per share for Imvescor with a money apportionment of a understanding totalling about $50 million and a rest in stock.

The companies contend a offer implies a 13.3 per cent reward to Imvescor’s 10-day volume weighted normal before it disclosed it had perceived a non-binding countenance of seductiveness from an unclear intensity customer on Oct. 26. Imvescor shares sealed during $4.18 on a Toronto Stock Exchange on Monday, while MTY shares were value $54.54.

The understanding requires capitulation by a two-third infancy of opinion by Imvescor shareholders, as good as regulatory approvals and other prevalent shutting conditions.

Imvescor shareholders, including directors and comparison officers, representing roughly an 18 per cent interest in a association have entered into support and voting agreements to behind a deal.

Article source: http://www.cbc.ca/news/business/mty-food-group-imvescor-1.4444502?cmp=rss