The Globe and Mail reports in its Wednesday, Nov. 4, edition that Foodtastic has made a $1-billion takeover offer for MTY Food Group as it seeks to create a Canadian fast-food and casual dining behemoth. The Globe's Nicolas Van Praet and Susan Krashinsky Robertson report that Foodtastic offered MTY shareholders $43 a share in cash after the board declined to engage in discussions. The proposal, valued at about $1-billion, represents a 32-per-cent premium to MTY's closing price on Oct. 30. Foodtastic chief executive officer Peter Mammas is "confident that MTY's shareholders will recognize the compelling value of our proposed transaction." News of the bid could reignite interest in MTY after the company recently ended a strategic review and replaced its CEO. Eric Lefebvre is stepping down by mutual agreement effective immediately after a roughly eight-year tenure. Victor Mandel, an MTY director, was named to replace him. The company gave no reason for the leadership change. MTY is facing challenges like inflation causing consumers to cut back on dining out and rising costs. The company has been closing underperforming locations, and its share price has dropped about 15 per cent this year.