The A$34.50-per-share cash proposal “undervalues the company and does not represent compelling value, ” Caltex said in a statement
SYDNEY: Caltex Australia Ltd rejected an A$8.6bil (US$5.9bil) takeover bid from Alimentation Couche-Tard Inc. as too low, though gave the Canadian convenience-store giant the chance to sweeten its offer.
The A$34.50-per-share cash proposal “undervalues the company and does not represent compelling value, ” Caltex said in a statement. It offered to give Couche-Tard “selected non-public information” to allow the company “to formulate a revised proposal.”
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