Caltex Australia (ASX:CTX) receive improved acquisition proposal

Company News

by Rachael Jones

Caltex Australia (ASX:CTX) has received a revised, conditional, nonbinding and indicative proposal from Alimentation Couche-Tard Inc. to acquire all of the shares in Caltex by way of a scheme of arrangement at an indicative cash price of $35.25 cash per share.

The Revised Proposal permits Caltex to pay a special dividend to shareholders.

ATD has indicated that its revised price is its best and final price in the absence of a competing proposal.

Receipt of the Revised Proposal follows earlier approaches from ATD to acquire all of the shares in Caltex by way of a scheme of arrangement at indicative cash prices of $32.00 and $34.50 per share, which were rejected by the Caltex Board.

The Caltex Board is currently considering the Revised Proposal, but there is no certainty that it will result in a change of control transaction.

Shares in Caltex Australia (ASX:CTX) last traded at $32.93.
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.