VAUGHAN, Ont. — Fairfax Financial Holdings Ltd. has proposed taking private Recipe Unlimited Corp., the owner of restaurants including Swiss Chalet, Harvey's and The Keg.

The deal would value Canada's oldest and largest full-service restaurant chain at about $1.2 billion.

Fairfax is already the controlling shareholder of Recipe Unlimited and is offering $20.73 cash per share for most of the remaining shares.

The offer price represents a 53.4 per cent premium to Recipe Unlimited's closing price on Aug. 8, 2022, according to a statement.

The deal requires the approval of most of the minority shareholders and Recipe Unlimited says its board intends to recommend that shareholders vote in favour of the proposed transaction at a special meeting of shareholders to be held on the matter.

Cara Holdings Ltd. would continue as an investor in the company once it goes private.

This report by The Canadian Press was first published Aug.9, 2022.

Companies in this story: (TSX:RECP, TSX:FFH)

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