Foodtastic Makes Hostile Bid for Rival MTY Food After Being Rejected

Canadian restaurant franchisor Foodtastic has launched a hostile bid for rival MTY Food Group after being rejected, according to the company. The offer values MTY Food at about C$982 million. Foodtastic’s move follows its unsuccessful attempt to pursue the deal, prompting it to switch to a more aggressive approach to win shareholder attention. The bid is described as “hostile,” signaling Foodtastic is proceeding without MTY’s support. MTY shares were also reported moving modestly, up about 0.89% around the announcement, as investors weighed the prospects of a contested takeover.