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Prime Restaurants completes sale to Fairfax
Prime Restaurants has completed the previously announced plan of arrangement pursuant to which 7948883 Canada, a wholly owned subsidiary of Fairfax Financial Holdings Ltd, acquired all of the issued and outstanding class A limited voting shares of the company.
Pursuant to the Transaction, holders of Shares received $7.50 per Share in cash from the Purchaser and a special dividend in the amount of $0.08 per Share from the company.
John Rothschild, CEO of the company, said: “The completion of the sale of Prime to Fairfax marks the culmination of the respective contributions of Prime’s employees, franchisees, management team, board of directors and everyone else who has played a role in the company’s significant success over the past 30 years. We look forward to continuing to welcome the public to all of our restaurants as we move forward with Fairfax.”
With the completion of the transaction, the company’s shares will cease to be listed on the Toronto Stock Exchange on or about the close of business on January 10, 2012. The company intends to apply to the relevant securities regulatory authorities to cease to be a reporting issuer in the applicable jurisdictions in Canada.
Source: Prime Restaurants
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