By David Winning
SYDNEY--Transport-fuel supplier Caltex Australia Ltd. said it is considering an improved takeover offer from Canadian convenience-store operator Alimentation Couche-Tard Inc., which has indicated that it won't raise its bid more if this latest proposal is rejected.
Caltex said Alimentation Couche-Tard has indicated it is prepared to pay A$35.25 per share in cash, valuing its equity at 8.80 billion Australian dollars (US$5.93 billion). That represents the second time that Alimentation Couche-Tard has lifted its indicative offer, after earlier proposals worth A$34.50 a share and A$32.00 were rebuffed.
"Alimentation Couche-Tard has indicated that its revised price is its best and final price in the absence of a competing proposal," Caltex said in a regulatory filing.
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.
Alimentation 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.
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