MTY Food Group Inc. of St. Laurent, Quebec, announced Thursday it had completed the purchase of Vancouver-based Papa Murphy’s Holdings, Inc., in a deal that was announced April 11.
MTY purchased all outstanding shares of common stock of Papa Murphy’s at a per-share price of $6.45 for 15,201,906 shares of Papa Murphy’s, representing approximately 89.2 percent of Papa Murphy’s outstanding shares of common stock.
Papa Murphy’s becomes a wholly owned subsidiary of MTY, one of the largest franchisers in Canada’s restaurant industry with quick-service and casual-dining restaurants under approximately 75 different banners in Canada, the United States and internationally.
As a result of the merger, shares of common stock of Papa Murphy’s will cease to be traded on Nasdaq.
MTY Food Group shares are traded on the Toronto Stock Exchange, where it closed at $58.52, Canadian, on Thursday.
