MTY Food Group Appoints New CEO Amid $982M Takeover Bid from Foodtastic
- Reports
- 2
- Developments
- 2
- Repetition
- 0%
New informationRepeats or wire copies
What happened
MTY Food Group Inc. announced that Victor Mandel, a current board director, was appointed Chief Executive Officer, replacing Eric Lefebvre. Eric Lefebvre and MTY Food Group mutually agreed to his departure from the board of directors. Concurrently, Foodtastic is making a takeover offer for MTY Food Group Inc. valued at approximately $982 million.
Why it matters
The leadership change occurs as Foodtastic proposes acquiring MTY Food Group Inc. for $43 per share in cash. Stanley Ma, Chairman of the board, stated that Victor Mandel is qualified to lead MTY Food Group through strategic growth and sales expansion.
Who's involved
- Eric LefebvreStepped down from the board of directors of MTY Food Group Inc.
- Stanley MaChairman of the board of MTY Food Group Inc.
- companyThe company undergoing leadership change and takeover bid
- FoodtasticMaking a takeover offer for MTY Food Group Inc.
- MTY Food GroupThe franchisor and operator targeted by the takeover bid
Possible ripples
Who this could reach next, traced step by step from the reporting. Possibilities worth considering, not forecasts.How it developed
Newest first. Tap a step to see who reported it.Lefebvre stepped down from the board; Ma is Chairman.1 source
Eric Lefebvre was replaced by Victor Mandel at Foodtastic.1 source
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The entities involved
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Eric Lefebvre
Nothing else this week.
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Stanley Ma
Canadian businessman
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company
legal entity representing an association of people, whether natural, legal or a mixture of both, with a specific objective