Caltex receives $8.6 billion takeover bid

Caltex has received an $8.6 billion takeover offer from Canadian convenience giant Couche-Tard.

Caltex received takeover bid

Caltex confirmed in a ASX announcement today it had received an “unsolicited, conditional, confidential, non-binding and indicative proposal” from the Laval-based firm which operates 5,000 stores across Canada, the United States, Europe, Mexico, Japan, China, and Indonesia.

The takeover would also need unanimous recommendation by Caltex’s board and approval from Couche-Tard’s board.

The offer of $34.50 per share represents a premium of 15.8 per cent as of last close which comes after an earlier bid of $32.00 per share which Caltex had rejected.

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