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Foodtastic Initiates Hostile Takeover Bid for MTY Food Group After Rejection
Consumer Services · Restaurants · globe_inside_market · 2026-11-03
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Foodtastic has launched a $43-per-share cash bid for MTY Food Group following multiple failed attempts to engage the restaurant franchisor's board.
What Happened
Hostile Takeover Bid: Foodtastic Inc. has officially launched a hostile takeover attempt for MTY Food Group Inc., offering $43 per share in cash. The bidder claims that MTY management repeatedly rebuffed previous acquisition proposals, prompting them to take the offer directly to shareholders.
Corporate Leadership Changes: Amidst the takeover pressure, MTY Food Group announced an immediate leadership transition. Victor Mandel has been appointed as the new CEO, replacing Eric Lefebvre, who has stepped down from both his executive role and the board of directors.
Recent Financial Performance: Several small-cap companies reported mixed third-quarter results, including Topaz Energy Corp., 5N Plus Inc., and Wajax Corp. While some firms beat earnings expectations, others faced revenue headwinds or missed analyst estimates for the period ending September 30.
Strategic Acquisitions: Major Drilling Group International Inc. expanded its operations by acquiring Australian-based Bunbury Drilling Company for $70 million. Additionally, Tidewater Midstream and Infrastructure Ltd. announced plans to acquire the remaining stake in Tidewater Renewables Ltd. to consolidate its business structure.