- The purchase price is C$20.73 per share
- Fairfax, already the majority shareholder of Recipe Unlimited, announced the offer in August and expects the deal to close in Q4 2022
Fairfax Financial Holdings has signed a definitive deal to take Recipe Unlimited, a Vaughan, Ontario-based full-service restaurant business, private. The purchase price is C$20.73 per share, payable in cash.
Recipe expects to hold a special meeting of shareholders on or around October 21st to approve the transaction. Fairfax Financial, already the controlling shareholder of the company, announced the offer in August and expects the deal to close in the fourth quarter.
Following completion of the take-private acquisition, Fairfax will own about 84 percent of the issued and outstanding shares.
Recipe Unlimited is the business behind Swiss Chalet and Harvey’s. Its other brands include Montana’s, Kelyseys, East Side Mario’s, New York Fries and Bier Markt. As at June, it had 20 brands and 1,223 restaurants.