While all the attention was focused on the company Cara after the announcement by Imvescor of an offer to purchase, MTY finally signed the deal to acquire Imvescor.
On October 27, Imvescor Restaurant Group (TSX: IRG) experienced a sudden 12% increase in its share price. Following this, the company announced that it had received an offer from a third party, without naming it. To this end, several analysts had pointed Cara as the most natural purchaser due to many factors, including the geographical compatibility of the two companies and the goal of increased sales of Cara.
After attempting the acquisition of Saint-Hubert, MTY finally entered into a CAN$ 248M deal with the Montreal franchisor, including 80% in MTY shares. With Imvescor being the owner of Mikes, Scores, Bâton Rouge, Ben & Florentine and Pizza Delight restaurants, this major acquisition will allow MTY to become one of the leaders in the multi-brand restaurant franchise industry with more than 5700 restaurants under 75 brands. The company’s turnover is estimated at CAN$ 2.9G with significant growth potential.
The offer is $ 4.10 per share, which is lower than the current Imvescor price. However, the acquisition represents an opportunity for Imvescor’s shareholders to “realize immediate growth and participate in accelerated, risk-free growth” according to François-Xavier Seigneur, Chairman of the Imvescor Board of Directors. He announced, “Today’s transaction recognizes the full value of our portfolio of restaurant brands and rewards our investors for their patience as we successfully executed our transformation strategy.”
Halin, F. (s. d.). Le Groupe MTY prend une grosse bouchée de 248 millions $. Consulté 14 décembre 2017, à l’adresse http://www.journaldemontreal.com/2017/12/12/mty-met-la-main-sur-imvescor
MTY a peut-être raté St-Hubert, mais avale sa rivale Imvescor. (s. d.). Consulté 14 décembre 2017, à l’adresse http://www.lesaffaires.com/dossier/fusions-et-acquisitions-vers-une-annee-record/mty-a-peut-etre-rate-st-hubert-mais-avale-sa-rivale-imvescor/599309
MTY-Imvescor: les points forts de la téléconférence. (s. d.). Consulté 14 décembre 2017, à l’adresse http://www.lesaffaires.com/bourse/analyses-de-titres/mty-imvescor-les-points-forts-de-la-teleconference/599353
MTY looks beyond the food court with $248-million deal for Imvescor. (s. d.). Consulté à l’adresse https://www.theglobeandmail.com/report-on-business/mty-food-group-buying-imvescor-restaurant-group-for-248-million/article37301521/