Company News

Caltex Australia says Couche-Tard offer undervalues it

Dec 3 (Reuters) - Caltex Australia on Tuesday said a takeover proposal from Canadian convenience store operator Alimentation Couche-Tard Inc undervalues it.

However, the board of the Australian petrol pump and convenience store operator has offered to provide Couche-Tard with selected non-public information to allow it to formulate a revised proposal, it said.

Couche-Tard last week sweetened its approach with a A$8.61 billion ($5.84 billion) offer, with the indicative A$34.50 a share proposal representing a nearly 16% premium to Caltex’s then previous closing price. It was 7% higher than the first offer of A$32 per share. ($1 = 1.4736 Australian dollars) (Reporting by Aby Jose Koilparambil in Bengaluru, Editing by Rosalba O’Brien)