Caltex Australia has reached an agreement with Alimentation Couche-Tard that will allow it to disclose confidential information in relation to the Montreal-based global convenience store chain’s $8.6 billion takeover offer.
Couche-Tard in November made a $34.50-per-share takeover offer for Caltex, which the board of the fuel retailer and refiner rejected as inadequate.
Caltex said on Thursday that the confidentiality agreement would let it provide Couche-Tard with “selected non-public information” that would allow the Canadian company to “formulate a revised proposal that appropriately reflects the value of Caltex”.
Couche-Tard said in a statement it was looking forward to receiving the information.
“We continue to believe our proposal fully values Caltex and is compelling for Caltex shareholders, and we look forward to receiving selected non-public information from Caltex,” it said.
Toronto Stock Exchange-listed Alimentation Couche-Tard owns over 15,000 convenience stores across Canada, the United States, Europe, Asia and Mexico, mostly under the Circle K brand.
At 1057 AEDT, Caltex shares were up five cents, or 0.1 per cent, at $35.61.