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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  Alimentation Couche-Tard Inc.    ATD.B   CA01626P4033

ALIMENTATION COUCHE-TARD INC.

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Alimentation Couche Tard : Caltex Australia says to work with rebuffed Canadian suitor for higher bid

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12/05/2019 | 12:05am EDT

Caltex Australia's top executives said on Thursday they would work with a Canadian suitor to elicit a higher takeover offer after earlier rejecting its A$8.61 billion ($5.84 billion) approach for the petrol pump and convenience store operator.

The Australian company rebuffed a takeover approach by Canadian convenience store operator Alimentation Couche-Tard Inc earlier this week calling it inadequate but had offered to give the suitor access to some non-public information so that it could get a higher bid.

Caltex Australia's Chief Financial Officer Matt Halliday said the company considered Couche-Tard a "very serious and credible" bidder.

"We think the right approach is to be constructive to try and help them to come back with a compelling offer," he told analysts at a strategy briefing. Halliday said Couche-Tard has yet to respond to Caltex’s offer of access to the non-public information.

The comments came on a day when Caltex flagged its earnings would slide this year, announced it had sold 25 fuel sites to release capital and said it would tap cheap bond markets to raise between A$300 million and A$500 million.

Company executives defended the board's decision to give Couche-Tard limited access to its books without a firm offer on the table, and justified asking for a higher offer compared to the 16% premium from the Canadian company given that Caltex's shares have been stuck near one-year and three-year troughs.

"The share price recently has been pretty much at a low point,...reflecting more soft trading conditions as the economy is a bit softer. But clearly in our view this is something that is not going to continue forever," Chief Executive Julian Segal told reporters.

Couche-Tard had no comment on Caltex's announcements on Thursday, the Canadian firm's Australian spokespeople said.

With investors uncertain over Couche-Tard's next move, Caltex's shares were flat on Thursday, trading below the rejected bid price of A$34.50.

Caltex is under pressure to turn around its business due to weak consumer demand and margin pressures. It disclosed plans last month for an initial public offering of up to 49% of its 250 convenience retail sites to release capital, a plan that Couche-Tard said would have to be called off if it went ahead with an offer.

It warned on Thursday net profit on a "replacement cost" basis this year would be between A$320 million and A$360 million, which at the midpoint would be down 39% from last year.

Caltex said the sale of 25 petrol station sites for A$136 million to two buyers who plan to use them for retail and residential developments had been planned before Couche-Tard's approach.

The company said it would expand further overseas, where it already has businesses in New Zealand and the Philippines.

By Sonali Paul

Stocks mentioned in the article
ChangeLast1st jan.
ALIMENTATION COUCHE-TARD INC. -5.32% 32.6 Delayed Quote.-16.45%
CALTEX AUSTRALIA LIMITED -3.54% 21.82 End-of-day quote.-33.37%
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Financials (USD)
Sales 2020 56 158 M
EBIT 2020 2 795 M
Net income 2020 1 957 M
Debt 2020 6 153 M
Yield 2020 0,92%
P/E ratio 2020 13,4x
P/E ratio 2021 14,0x
EV / Sales2020 0,57x
EV / Sales2021 0,58x
Capitalization 26 137 M
Chart ALIMENTATION COUCHE-TARD I
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Alimentation Couche-Tard I Technical Analysis Chart | ATD.B | CA01626P4033 | MarketScreener
Technical analysis trends ALIMENTATION COUCHE-TARD I
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 12
Average target price 30,35  $
Last Close Price 23,29  $
Spread / Highest target 44,9%
Spread / Average Target 30,3%
Spread / Lowest Target 18,3%
EPS Revisions
Managers
NameTitle
Brian P. Hannasch President, Chief Executive Officer & Director
Alain Bouchard Executive Chairman
Darrell Davis Executive Vice President-Operations North America
Claude Tessier Chief Financial Officer
Deborah Hall Lefevre Chief Technology Officer
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