Caltex (ASX:CTX) dismisses takeover offer

Company News

by Ortenzia Borre

Caltex (ASX:CTX) has dismissed last week’s takeover offer from Canadian convenience store operator Alimentation Couche-Tard (ATD), concluding that the proposal undervalues the company.

However, the Caltex Board has offered to provide ATD with selected non-public information to allow them to formulate a revised proposal.

Following last week’s confirmation that Caltex had received an unsolicited, conditional, confidential, non-binding and indicative proposal from Alimentation Couche-Tard, shares in the company skyrocketed, despite the company stating there was no certainty that the discussions would result in a transaction.

Shares in Caltex (ASX:CTX) are trading 1.2 per cent lower at $34.33.