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LAVAL, Quebec -- Circle June 8 on the calendar as the new date for Alimentation Couche-Tard Inc.'s voluntary offer to acquire all of the issued and outstanding shares of Statoil Fuel & Retail ASA in a deal valued at $2.67 billion.
This is the second extension of the voluntary offer. The first occurred last week when Couche-Tard pushed the deadline to today, May 29. In addition to government clearances, 90 percent of Statoil voters need to approve the transaction for the deal to go through.
"We are grateful to those Statoil Fuel & Retail shareholders who have accepted our offer to date and we are today extending our offer for a further 10 days to allow the remaining shareholders the opportunity to do so. This extension is crucial for the completion of this transaction and we outline the fact that we are getting near the end of this process" said Alain Bouchard, president and CEO of Couche-Tard.
"We understand that certain Statoil Fuel & Retail shareholders are either waiting to tender at the last minute to avoid having their shares locked-up once tendered or are as yet unclear whether our 53 percent premium offer represents full value for their shares," he added. "We firmly believe that our all-cash offer does provide full value and is the best transaction for all stakeholders of Statoil Fuel & Retail, including shareholders, employees and customers; it should be understood that this offer is the result of extensive negotiation, has been accepted by Statoil ASA, and is recommended by the board of directors of Statoil Fuel & Retail. Furthermore, we are standing by our offer level notwithstanding material falls in global stock market indices and economic uncertainties in Europe since we made our original announcement."
Following the first extension, Statoil confirmed its formal acceptance of Couche-Tard's offer, as CSNews Online previously reported.
"We remain committed and ready to close this transaction as soon as we receive an appropriate acceptance level. At this stage, we retain all our options, including letting our offer expire, and our shareholders can trust that we will act in their best interests at all times. Although this acquisition remains our preferred transaction, we still remain active on other options and time is becoming of essence," Bouchard explained.