Caltex Rejects Couche-Tard Bid But Leaves Door Open to Higher offer

Fecha : 02/12/2019 @ 17:26
Fuente : Noticias Dow Jones
Emisora : Caltex Australia Limited (CTX)
Cotización : 25.34  0.0 (0.00%) @ 19:00
Caltex Australia Cotización de acciones Gráfica

Caltex Rejects Couche-Tard Bid But Leaves Door Open to Higher offer

Caltex Australia (ASX:CTX)
Gráfica de Acción Histórica

De Jul 2019 a Jul 2020

Haga Click aquí para más Gráficas Caltex Australia.

By Robb M. Stewart


MELBOURNE, Australia -- Transport-fuel supplier Caltex Australia Ltd. (CTX.AU) has rejected a US$5.8 billion takeover approach from Alimentation Couche-Tard Inc. (ATD.A.T), but left the door open for the Canadian convenience-store operator to return with a raised bid.

In a statement Tuesday, Caltex said the offer from Couche-Tard undervalues the company and doesn't offer compelling value for its shareholders. However, it said its board has offered Couche-Tard selected non-public information to allow it to revise its proposal.

The offer, which values Caltex at 8.6 billion Australian dollars (US$5.83 billion), was unveiled late last month just a day after the Australian company said it planned to float an up to 49% stake in 250 of its core gas-station sites in Australia, which would release significant capital that adds to proceeds from 50 sites it is seeking to sell.

Couche-Tard in 2017 pledged to expand its fuel and convenience store operations in the Asia-Pacific region. On said Nov. 18 it made a confidential non-binding offer to the board of Caltex of A$34.50 a share, an increase on an offer of A$32 that was rejected a month earlier.

The fresh offer marked a 16% premium to the last closing price for Caltex's shares before the bid was made public, which Caltex said was too low.

It also said the offer price would be less than A$34.50, reduced by the value of the dividend it expects to pay for the second half of 2019 and that Couche-Tard has materially overestimated the potential cash benefit to most Caltex shareholders that could be expected from distributing unused franking credits, a benefit that company's can apply to dividend payouts that effectively prevents double-taxation for investors.

Caltex said the offer of non-public information to Couche-Tard was conditional on the companies signing a confidentiality agreements, and there was no certainty talks would result in a revised bid.

Caltex, which traces its roots to the listing of oil importer Ampol on the Australian Securities Exchange in the late 1940s, is a refiner, importer and supplier of fuels and lubricants with a network of about 1,800 company-owned or affiliated sites across Australia. In mid-August, Caltex said Managing Director and Chief Executive Julian Segal planned to step down after about a decade in the role once a new leader was selected.

Couche-Tard has almost 9,800 convenience stores throughout North America, including more than 8,500 selling motor fuel, and also has retail operations in Scandinavia, the Baltics, Ireland, Poland and Russia. It also has licensing agreements for about 2,250 stores operated under the Circle K brand in countries including Cambodia, China, Indonesia, Mongolia and New Zealand.


Write to Robb M. Stewart at


(END) Dow Jones Newswires

December 02, 2019 18:11 ET (23:11 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
Su Consulta Reciente
Fibra Prol..
América Mó..
IPC México
United Sta..
Las acciones que ha visto aparecerán en este recuadro, lo que le permite volver fácilmente a las cotizaciones que ha consultado previamente
Registrarse ahora para crear su lista personalizada de acciones en streaming.

Cotizaciones PLUS están en tiempo real. Cotizaciones NYSE y AMEX están con retraso de por lo menos 20 minutos.
El resto de las cotizaciones están con retraso de por lo menos 15 minutos al menos que se indique lo contrario.

Al acceder a los servicios disponibles de ADVFN usted acepta quedar sujerto a los Términos y Condiciones

P: V:mx D:20200709 12:07:59