Couche-Tard has increased its tender offer to Casey’s General Stores to US$38.5 per share in cash.
The move is an increase on the previous offer of $36.75 per share.
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The Canadian operator said the increased offer is $0.5 per share higher than the price at which a majority of the then outstanding shares of Casey’s were tendered in Casey’s self tender offer.
Couche-Tard president and CEO Alain Bouchard said: “In raising our offer, we have taken into account the views of the Casey’s shareholders and our goal of completing a transaction that makes compelling strategic sense for both companies.
“We believe that our revised offer is the most strategic alternative available to the Casey’s shareholders, and delivers immediate cash value superior to what Casey’s can deliver as a standalone company,” he added.
Couche-Tard also announced it has entered a credit agreement with a consortium of Canadian and international financial institutions, led by The Bank of Nova Scotia, HSBC Bank Canada, Caisse de dépôt et placement du Québec and Rabobank Nederland, Canadian Branch. The banks have agreed to provide up to $1.5bn in funds as part of a four year unsecured term loan.
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By GlobalDataThe loan will be used to finance Couche-Tard’s tender offer.
