Couche-Tard ups takeover bid for Australian convenience chain

Canadian convenience store operator says this is its best and final offer

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

Caltex operates approximately 2,000 service stations.

Couche-Tard already owns about 2% of Caltex shares.