In Montreal 23 May 2019, MTY Food Group Inc. had successfully finalised a merger with Papa Murphy’s with the help of its wholly owned subsidiary group MTY Columbia merger sub.
MTY food group finalised this decision without the votes of the stockholders in accordance with Section 251(h) of the general cooperation law of the state of Delaware.
National Bank Financial Inc. was the financial advisor to MTY and Fasken Martineau DuMoulin LLP and Morrison & Foerster LLP acted as legal advisors. North Point Advisors LLC acted as the financial advisor to Papa Murphy’s and Perkins Coie LLP acted as the legal advisor.
Each outstanding share will be bought by MTY Columbia Merger Sub for US$6.45 per share in cash excluding interest and tax.
This was excluding the shares held by merger sub, funds or revenue of Papa Murphy’s and shareholders who have exercised their appraisal rights which allows them to choose whether they want to sell their shares or receive a fair amount from the merger company.
Due to this merger Papa Murphy’s has stopped the trading of stocks in the open market and they will not be listed on Nasdaq Stock Market as of 23 May 2019.
The merger has made Papa Murphy an indirect wholly owned subsidiary of MTY Food group Inc and Papa Murphy’s will continue to operate in Washington, Vancouver.