Caltex Australia (ASX:CTX) receive improved acquisition proposal

Caltex Australia (ASX:CTX) receive improved acquisition proposal

 

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.
 
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Source: Finance News Network

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