Foodtastic Launches C$1 Billion Bid for MTY Food Group

Foodtastic Inc. launched an unsolicited C$1 billion all-cash bid to acquire MTY Food Group Inc. for C$43 per share. The offer represents a 32% premium over the October 30 closing price and values the enterprise at approximately C$1.5 billion including debt.

Foodtastic CEO Peter Mammas took the proposal directly to shareholders after the MTY board repeatedly rebuffed written offers made on October 15 and October 20, 2026. Mammas argued that MTY has underperformed its peers, citing a steady decline in EBITDA and C$220 million in acquisition write-downs since 2020.

The bid arrives as MTY recently concluded a strategic review and decided to remain standalone, increase dividends by 35%, and pivot toward pure franchising. In a simultaneous leadership shift, MTY board director Victor E. Mandel replaced CEO Eric Lefebvre effective immediately.