Canadian convenience store chain Couche-Tard has extended the deadline on its takeover offer for Norwegian-based Statoil Fuel and Retail (SFR) for a second time.
Couche-Tard said yesterday (29 May) it would prolong its NOK53 per share all-cash deal by ten days to 8 June. The company last week extended it to 29 May.
The NOK15.9bn acquisition, announced last month, would see Couche-Tard gain a foothold in markets including Poland, the Baltics states and Russia.
“We understand that certain Statoil Fuel & Retail shareholders are either waiting to tender at the last minute to avoid having their shares locked-up once tendered or are as yet unclear whether our 53% premium offer represents full value for their shares,” Couche-Tard chief executive Alain Bouchard said yesterday.
“We are standing by our offer level notwithstanding material falls in global stock market indices and economic uncertainties in Europe since we made our original announcement.”
Bouchard said Couche-Tard is ready to close the deal as soon as it receives the required 90% acceptance level. The offer has received the backing of Statoil Fuel & Retail’s board but Couche-Tard did not disclose the level of support it has won so far from the Norway-based firm’s shareholders.
However, Bouchard said Couche-Tard is keeping all its options open, including letting its offer expire.