MONTREAL - Caltex Australia Ltd., Australia’s largest retail fuel and convenience chain, is rejecting a $7.7-billion takeover offer from Alimentation Couche-Tard Inc., however it is giving the Canadian company a chance to increase its bid. The Australian company says the current proposal undervalues the company and “does not represent compelling value for Caltex’s shareholders.”However, the Caltex board has offered Couche-Tard access to selected non-public information to allow the Canadian company to come up with a revised offer. Couche-Tard raised its offer for Caltex to AU$34.50 per share last month after being rebuffed in October when it made a offer of AU$32 per share. Couche-Tard already owns about two per cent of Caltex shares. This report by The Canadian Press was first published Dec. 3, 2019.

Source: thestar December 03, 2019 13:30 UTC