Fairfax proposes taking over restaurant group at 53% premium
Recipe Unlimited Corp., the company behind Swiss Chalet, Harvey’s, the Keg and other well-known restaurant brands, is going private.
The company says it has closed a deal that has it being taken private by Fairfax Financial Holdings Ltd., which was already the controlling shareholder of Recipe Unlimited.
The deal for $20.73 per share in cash, first announced in August, puts the value of Recipe Unlimited at around $1.2 billion.
A press release Friday says shares in Recipe Unlimited are expected to be delisted from the Toronto Stock Exchange at the close of trading on or around Nov. 1.
When the deal was signed earlier this fall, Stephen Gunn, who chaired the committee reviewing the proposal, said it would provide the company with extra flexibility.
Recipe Unlimited's brands also include St-Hubert, Montana's, Kelseys, East Side Mario's, New York Fries, Bier Markt and others.