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SAN ANTONIO — CST Brands Inc. shareholders will vote on its proposed acquisition by Alimentation Couche-Tard Inc. on Nov. 16 at its headquarters, located at 19500 Bulverde Road, Ste. 100, in San Antonio at 9 a.m. local time.
Laval, Quebec-based Couche-Tard, parent of the global Circle K brand, announced on Aug. 21 it would acquire CST Brands for $48.53 per share, or approximately $4.4 billion, pending shareholder approval and government regulatory approval in Canada and the United States.
In most cases, shareholders overwhelmingly approve such merger deals during special meetings. However, multiple parties have filed lawsuits to prevent the merger, with the main objection being an allegation that the acquisition price is too low.
For example, Gainey McKenna & Egleston filed a class-action lawsuit against CST Brands on Oct. 5, stating “[B]oth the value to CST shareholders contemplated in the transaction and the process by which defendants propose to consummate the transaction are fundamentally unfair to public shareholders of the company.”
However, in the past, law firms have filed suits regarding mergers and acquisitions in the convenience store industry to no avail.
If approved by CST shareholders and government agencies, the acquisition is expected to be completed in early 2017.