Alimentation Couche-Tard Inc. waived all conditions under its offer to Statoil Fuel & Retail, including but not limited to the 90% acceptance level as indcated in the offer document dated April 19.
The new extension period will expire on June 20, and there will be no further extensions to this offer. Cash settlement will take place on June 19, 2012 for all shares having been tendered by June 12, and shares must be visible on the accepting shareholder’s VPS account by June 15.
“We remain firmly convinced that our offer provides full and fair value for Statoil Fuel & Retail, and believe that its shareholders will ultimately recognize that by tendering their shares prior to the June 20 deadline,” said Couche-Tard’s President and CEO Alain Bouchard to the press.
To Couche-Tard’s knowledge, no third-party has shown interest in acquiring Statoil Fuel & Retail in whole or in part, and no third-party has provided the board of Statoil Fuel & Retail with an alternative proposal to Couche-Tard’s offer.
Couche-Tard’s offer gives Statoil Fuel & Retail shareholders an attractive, fully financed proposal in a market with much turbulence. Statoil Fuel & Retail’s board of directors has recommended that shareholders accept and tender their shares under the offer.