Foodtastic has signed a deal to buy healthy fast food restaurant chain Freshii for $74.4 million.
Foodtastic Inc. has signed a deal to buy healthy fast food restaurant chain Freshii Inc. for $74.4 million.Sign up to get breaking news email alerts sent directly to your inbox
Freshii says the deal will see Foodtastic pay $2.30 per share in cash, representing a total of $74.4 million on a fully diluted basis. Stephen Smith, chair of a special committee of independent directors that oversaw the negotiation for Freshii, says the all-cash deal delivers immediate and certain liquidity to Freshii shareholders at a price that represents a significant premium to the market price of shares.
"We believe that Freshii’s brand, franchise network and talent will benefit from Foodtastic’s greater scale," he said.Last fall, Freshii announced plans to buy a majority stake in health and wellness product retailer Natura Market ECommerce Inc., with rights to acquire the rest of the business through the first quarter of 2025.
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