Couche-Tard has waived all conditions attached to its takeover bid for Norway’s Statoil Fuel and Retail (SFR) in a bid to push the acquisition through at the current price.
The Canadian c-store retailer’s NOK53 per share all-cash offer, which values SFR at NOK15.9bn, has met with a degree of resistance from the Nordic firm’s investors who have suggested the price should be higher.
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Couche-Tard has already prolonged its offer deadline twice, having failed to obtain the 90% acceptance level that it stipulated when the bid was launched.
The 90% threshold represents the level set by Norwegian market regulators for a buyer to be able to force through the acquisition of 100% of outstanding shares.
If Couche-Tard fails to obtain 90% of shares, it cannot force minority shareholders to sell their stake. However, the company can proceed if it is willing to accept the rights of the minority stakeholders in the business.
In a statement yesterday (5 June), Couche-Tard said it would drop the requirement that it obtain 90% of Statoil shares to proceed with the takeover.
Couche-Tard said it has extended its acceptance deadline until 20 June.
“We remain firmly convinced that our offer provides full and fair value for Statoil Fuel and Retail and believe that its shareholders will ultimately recognise that by tendering their shares prior to the 20 June deadline,” said president and CEO Alain Bouchard.
