MISSISSAUGA, ONTARIO--(Marketwire - Dec. 22, 2011) - Prime Restaurants Inc. ("PRI" or the "Company") (TSX:EAT) announced today that it received a final order from the Ontario Superior Court of Justice approving the proposed acquisition of the Company by Fairfax Financial Holdings Limited ("Fairfax") pursuant to a plan of arrangement (the "Arrangement"). The Arrangement also received the approval of a requisite majority of holders of class A limited voting shares ("Shareholders") of the Company, including approval by a "majority of the minority" Shareholders, at a duly constituted special meeting of Shareholders held this morning. Full details of the Arrangement are described in the amended and restated management information circular dated December 5, 2011 which was mailed to all Shareholders.

Upon completion of the Arrangement, Shareholders will receive $7.50 per Share in cash from Fairfax and a special dividend in the amount of $0.08 per Share from the Company on the effective date. The Arrangement is subject to certain customary closing conditions and, if the conditions are satisfied as anticipated, is expected to close on January 10, 2012.

About Prime Restaurants Inc.

PRI franchises, owns and operates one of Canada's leading networks of casual dining restaurants and pubs. With such well-respected brands as East Side Mario's, Casey's, Fionn MacCool's, D'Arcy McGee's, Paddy Flaherty's, Tir nan Óg, and Bier Markt, Prime has been delivering quality, value and a superior guest experience for more than thirty years. Prime's class A limited voting shares are listed on the Toronto Stock Exchange under the symbol "EAT".

Forward-Looking Statements

The public communications of PRI often include written or oral forward-looking statements. Statements of this type are included in this news release, and may be included in filings with Canadian securities regulators, or in other communications. Forward-looking statements may involve, but are not limited to, the completion of the Transaction in accordance with its terms, comments with respect to our objectives for 2011 and beyond, our strategies or planned future actions, and our targets or expectations for our financial performance and condition. All statements, other than statements of historical fact, contained in this news release are forward-looking statements, including, without limitation, statements regarding the future financial position and operations, business strategy, plans and objectives of or involving PRI. Readers can identify many of these statements by looking for words such as "believe", "expects", "will", "intends", "projects", "anticipates", "estimates", "continues" and similar words or the negative thereof. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct.

The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this news release are made as of the date of this news release. Except as required by applicable securities laws, PRI does not undertake to update any forward-looking statement, whether written or oral, that may make or that may be made, from time to time.

Contributing Sources

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