Tuesday, August 9, 2022

Swiss Chalet draws $1.2-billion bid

Fairfax Financial Holdings Ltd. is bidding $1.2 billion to buy the 44.2 per cent of Recipe Unlimited Corp. that it does not already own.

Recipe owns Swiss Chalet, Harvey’s and The Keg, plus others.

The Phelan family, which founded Recipe predecessor Cara, would continue to hold a stake in the private business through Cara Holdings Ltd. Cara currently holds nearly 22 per cent of the company’s shares.

The offer represents a 53.4-per-cent premium to Monday’s $13.51 closing price for Recipe’s shares, the company said..