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The operator and franchisor of restaurants like Baton Rouge Steakhouse and Bar, Big Smoke Burger and Manchu Wok will acquire all of the issued and outstanding common shares of BBQ Holdings for cash consideration of US$17.25 per share representing a total transaction value of approximately US$200 million, including BBQ Holdings' net debt.
MTY says upon completion of the transaction, BBQ Holdings will become a subsidiary of the company and its shares will be de-listed from NASDAQ.
BBQ Holdings is a franchisor and operator of casual dining restaurants across 37 states in the U.S., Canada, and United Arab Emirates.
The terms and conditions of the 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.
This report by The Canadian Press was first published Aug. 9, 2022.
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