10/27/2017 13:06 EDT | Updated 10/27/2017 13:20 EDT

Owner of Pizza Delight, Baton Rouge restaurant chains attracts interested party

MONTREAL — The company that owns Pizza Delight and four other restaurant banners operating in several provinces says it has been approached by an unidentified third party with a non-binding "indication of interest."

Imvescor Restaurant Group of Montreal (TSX:IRG) says there's no assurance that any agreement will be reached but was asked to make an announcement by one of the Canadian market's self-regulatory bodies.

The phrase "indication of interest" usually refers to preliminary discussions about possible transactions, such as a purchase of some of the company's assets or the whole business.

Imvescor says it has received such non-binding approaches in the past and is aware of its obligations to provide timely disclosures to keep its stakeholders informed. 

Imvescor stock jumped 12 per cent to a 2017 high of $4.03 prior to an early-afternoon trading halt issued by the Investment Industry Regulatory Organization of Canada, also known as IIROC. The halt wasn't lifted before the close.