Alimentation Couche-Tard ups offer for Australian convenience chain, says Caltex

Caltex Australia Ltd., Australia’s largest retail fuel and convenience chain, says it has received a revised takeover offer from Alimentation Couche-Tard Inc.

The Australian company says the proposal would pay AU$35.25 cash per share less any dividends declared or paid by Caltex. The revised proposal allows Caltex to pay a special dividend to shareholders.

The Australian retailer says the Quebec-based convenience store chain has indicated its revised price was its “best and final price in the absence of a competing proposal.”

Couche-Tard raised its offer for Caltex from AU$34.50 per share after the Australian firm said the $7.7-billion offer in December undervalued the company. It was also rebuffed in October when it made a offer of AU$32 per share.

Caltex operates approximately 2,000 service stations.

Couche-Tard already owns about two per cent of Caltex shares.

This report by The Canadian Press was first published Feb. 12, 2020.

Companies in this story: (TSX:ATD.B)