RE:CARA or MTY next takeover target.If anyone were to takeover A&W, there's a good chance they would only buy the operating entity and leave the income fund alone. CARA didn't buy out KEG.UN when they puchased The Keg's operating entity. It would have doubled their purchase price.
On the other hand, within CARA's quarterly release, they also mentioned that the royalties they paid to KEG.UN negatively impacted their margins. They may take a run at KEG.UN at some point if the share price stays depressed or goes even lower.
Circling back to A&W, anyone who buys out both AW.UN and the A&W operating entity would have to pay around $1b if not more. I am less certain of a takeover, but I'm very confident in our prospects for the next few years.