Quebec-based Couche-Tard has offered $7.3 bln including debt for Caltex to expand its filling station empire Down Under. At more than 9 times EBITDA the price looks good, while rival bidders are scarce, explains AlecMac11
Transport fuel supplier and petrol station operator Caltex Australia said on Nov. 26 it was considering an A$8.6 billion takeover offer from Canada’s Alimentation Couche-Tard.
The offer of A$34.50 a share follows an earlier bid from ACT at an indicative price of A$32.00 a share, which the company rejected on the basis that the offer was inadequate, Caltex said in a statement. The takeover proposal would permit the company to pay a special dividend or other distribution, Caltex said.
The announcement follows a separate statement from Caltex on Nov. 25 announcing its intention to launch an initial public offering of a 49% stake in 250 of its core convenience retail freehold sites.
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