Papa Murphy's Holdings Inc (NASDAQ:FRSH) is being acquired by MTY Food Group (TSE:MTY) in a cash deal worth about US$190 million, the two companies announced Thursday.
The Montreal-based restaurant franchiser will pay US$6.45 per share.
The move sent the grab-and-go pizza chain’s stock up 31% to US$6.41 on Nasdaq.
“Merging our unique, differentiated brand with a global leader in franchised restaurant concepts will accelerate on-going efforts to enhance our convenience and relevance and maintain our position as the number one take 'n' bake pizza chain in the United States," Chair Jean Birch said.
Papa Murphy’s is the fifth-largest pizza chain in the US and is headquartered in Vancouver, Washington. It operates more than 1,400 locations in the US across 37 states, with 12 stores in Canada.
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