Alimentation Couche-Tard ups offer for Australian convenience chain, says Caltex

Caltex Australia Ltd., Australia's largest retail fuel and convenience chain, says it has received a revised takeover offer from Alimentation Couche-Tard Inc.

The Australian company says the proposal would pay AU$35.25 cash per share less any dividends declared or paid by Caltex. The revised proposal allows Caltex to pay a special dividend to shareholders.

The Australian retailer says the Quebec-based convenience store chain has indicated its revised price was its “best and final price in the absence of a competing proposal.'”

Couche-Tard raised its offer for Caltex from AU$34.50 per share after the Au

stralian firm said the $7.7-billion offer in December undervalued the company. It was also rebuffed in October when it made a offer of AU$32 per share.

Caltex operates approximately 2,000 service stations.Couche-Tard already owns about 2% of Caltex shares.