Alimentation Couche-Tard Inc. is facing a rival bidder for Caltex Australia Ltd.
Australia’s largest retail fuel and convenience chain says EG Group Ltd. has made a takeover offer for the company.
Under the proposal, Caltex shareholders would receive roughly AU$15.62 in cash and a security in Ampol, which will own Caltex’s fuel and infrastructure business as well as its international trading and shipping operations.
Caltex says EG has also indicated that it is prepared to consider acquiring up to 10 per cent of Ampol for additional cash consideration.
The company, which operates approximately 2,000 service stations, says it’s considering the proposal, including obtaining advice from its financial and legal advisers.
Quebec-based Couche-Tard raised its offer for all of Caltex last week to AU$35.25 per share in cash less any dividends declared or paid.