Takeover target Caltex Australia says it will allow Alimentation Couche-Tard to conduct additional due diligence, after the Canadian convenience store chain raised its buyout offer to $8.80 billion last week.
Quebec-based Couche-Tard bumped up its cash offer by two per cent to $35.25 a share in a final attempt to sway the oil refiner and convenience store firm after interest from Britain’s EG Group.
EG Group has yet to bid, although Caltex said last month the retailer – backed by British private equity firm TDR Capital – had expressed interest in buying some or all of the company.
Caltex said the due diligence given to Couche-Tard would be on a non-exclusive basis.
Couche-Tard’s revised bid was its third and final offer in the absence of a competing proposal.
Caltex turned down two previous offers but provided the firm with non-public information to elicit a better proposal.
The Sydney-based firm said in a statement its board believed it was in the interests of shareholders to engage further with Couche-Tard.
AAP