ADW Capital opposes $248 mln sale of Imvescor to MTY

U.S. hedge fund ADW Capital Partners said it opposes the proposed sale of Imvescor Restaurant Group Inc (TSX: IRG) to MTY Food Group Inc (TSX: MTY), arguing the deal substantially undervalues the former. MTY earlier this month agreed to acquire Imvescor, which owns franchised and corporate stores under several brands, for $248 million. ADW, which owns approximately 14 percent of the outstanding shares of Imvescor, said the deal also fails to serve the company's growth potential. Another Imvescor investor, U.S. hedge fund Camac Partners, favours the acquisition. Both Imvescor and MTY are based in Montréal.

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