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The company said it was waiving all conditions that were present in its prior offers, including the need for 90 percent of Statoil shareholders to approve the deal.
Hence, Couche-Tard has for the third time extended the deadline for Statoil stockholders to approve the deal. The new deadline is 5:30 p.m. Central European Standard Time (CEST) on June 20. Statoil shareholders who tender their stock by midnight CEST on June 12 will receive a payment of 51.20 Norwegian kroner per share on June 19. Those tendering their shares after June 12 will receive a cash payment after June 20.
Couche-Tard stressed this is its final offer and would not increase the purchase price.
In total, Couche-Tard has offered to pay $2.679 billion for Statoil, a large Norwegian and Eastern European c-store chain. Statoil management has said publicly it endorses the acquisition.
In a press release issued this afternoon, Couche-Tard said there are a slew of reasons why Statoil shareholders should accept its offer. Among those reasons are that Couche-Tard is paying a 53-percent premium to Statoil's Oslo stock market closing price on April 17, the day before the deal was announced; no third party has "demonstrated interest in acquiring Statoil;" three independent financial advisors have stated Couche-Tard's offer is fair; and the Oslo stock market has dropped 12.1 percent since April 17, meaning that if not for Couche-Tard's proposal, Statoil shares could today be trading for a lower price compared to when the deal was struck.
"We remain firmly convinced that our offer provides full and fair value for Statoil Fuel & Retail and believe that its shareholders will ultimately recognize that by tendering their shares prior to the June 20 deadline," said Alain Bouchard, Couche-Tard's president and CEO.
Couche-Tard operates 5,817 convenience stores, including many under the Circle K name in the United States.