MTY Provides Update on Pending Acquisition of Imvescor
MONTREAL â€” Imvescor Restaurant Group (IRG) recently held a special meeting of its shareholders to vote on the companyâ€™s pending combination with MTY Food Group Inc., the results of which were 92.73-per-cent in favour of the transaction.
Last week, MTY and IRG also received a â€œno-actionâ€ notice from the Commissioner of Competition, thus satisfying the regulatory approval condition contemplated in the combination agreement.
The closing of the transaction is expected to happen on or about March 1. Following the closing Marie-Line Beauchamp, who is currently IRGâ€™s COO, Mikes/Pizza Delight, will lead the IRG team to replace Frank Hennessey, who will be leaving the company. On March 1, Gary Oâ€™Connor will also be appointed to MTYâ€™s board of directors. Oâ€™Connor is a director of IRG and currently serves as the chair and a member of the audit and risk committee.
It is expected that the IRG operations will be relocated from their current headquarters to MTYâ€™s offices in St-Laurent, Que. in the second half of 2018.