Couche-Tard has confirmed settlement dates in the latest development in its takeover bid for Norway’s Statoil Fuel and Retail (SFR).
Last week, the Canadian c-store retailer said its NOK53 (US$8.87) per share all-cash offer, which values SFR at NOK15.9bn, was its “best and final offer”. The retailer has said that the acceptance period will end tomorrow (20 June).
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Couche-Tard’s offer appears to be an attractive one in the context of increasingly challenging market conditions and its decision to waive all conditions attached to the takeover bid proves the company is keen to push the acquisition through with no obstructions and in good time.
Significantly, Couche-Tard has waived the condition originally attached to the offer that it receive backing form 90% of shareholders – the threshold that the company could then force minority stakeholders to sell their shares at.
It seems likely then that the group will move forward with the deal as a majority stakeholder. This demonstrates the importance that Couch-Tard management attaches to its plans to expand in Scandinavia.
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