Couche-Tard Bid for Statoil is Fair, Says Independent Firm

LAVAL, Quebec -- Alimentation Couche-Tard Inc.'s bid to acquire Statoil Fuel & Retail ASA is fair, according to an independent reviewer.

As CSNews Online reported last month, Couche-Tard, the parent of Circle K and Mac's Convenience Stores, lowered its bid for the Norwegian-based convenience store chain to $2.679 billion from $2.8 billion.

Subsequently, the Oslo Stock Market -- where Statoil's stock trades -- hired Arctic Securities, an independent research firm, to determine if Couche-Tard's offer price was fair.

Arctic Securities looked at the purchase price in terms of the Norwegian krone. In those terms, Couche-Tard offered 51.2 kroner per share.

According to the Canadian Press, Arctic Securities determined that Statoil is worth between 50 and 55 kroner per share, within Couche-Tard's range.

Therefore, the review is believed to be strongly positive for Couche-Tard, who hopes to close the deal on May 21, the news outlet reported.

Statoil's stock traded for 51.35 kroner at the end trading today in Oslo.