Foodtastic makes takeover offer for MTY Food Group; MTY replaces CEO

Foodtastic makes takeover offer for MTY Food Group
Foodtastic makes takeover offer for MTY Food Group
Foodtastic CEO Peter Mammas poses for a photograph at a Milestones in Pointe-Claire, Que., on Friday, July 11, 2025.
THE CANADIAN PRESS/Christopher Katsarov
Writer

Restaurant franchisor Foodtastic Inc. is making a takeover offer for MTY Food Group Inc. worth about $982 million.

The proposal comes as MTY announced that Victor Mandel, a member of the company's board, has been named chief executive, effective immediately, replacing Eric Lefebvre in the job.

Foodtastic said it first made its offer to MTY last month, but was rebuffed, so it was making its proposal public.

Under the bid, Foodtastic is offering $43 per MTY share in cash.

MTY shares closed at $32.75 on the Toronto Stock Exchange on Monday.

Foodtastic CEO Peter Mammas said MTY is a great company with excellent opportunities, but it has unfortunately not lived up to its full potential in recent years. 

This report by The Canadian Press was first published Nov. 3, 2026.

Companies in this story: (TSX:MTY)

Copyright 2026, The Canadian Press. All rights reserved.

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