Fairfax offers to buy the chain that owns Swiss Chalet, Harvey’s and The Keg for $1.2 billion
Fairfax Financial Holdings Ltd. proposed to privatize Recipe Unlimited Corp., which owns restaurants including Swiss Chalet, Harvey’s and The Keg.
The deal would value Canada’s oldest and largest full-service restaurant chain at about $1.2 billion.
Fairfax is already the controlling shareholder of Recipe Unlimited and is offering $20.73 cash per share for most of the remaining shares.
The offer price represents a 53.4% premium to Recipe Unlimited’s closing price on Aug. 8, 2022, according to a statement.
The deal requires the approval of most minority shareholders and Recipe Unlimited says its board of directors intends to recommend that shareholders vote in favor of the proposed transaction at a special meeting of shareholders to be held. on this subject.
Cara Holdings Ltd. would continue to invest in the company once it goes private.